Customer deposits / Customer Retainers

Question

Hi&nbsp;&nbsp;We are using MYOB Business (Browser).&nbsp; We are in the business of leasing office space / hot desks.&nbsp;What is the best way to record customer retainers, so like a rental bond, where we can link it to the customer, book it to the Balance Sheet and also be able to easily run a report on any customer at any time.&nbsp; I have looked at creating a Sales Order but then how do I receipt the retainer funds from the customer when it comes through via a bank feed in a simple step?&nbsp; I don't want to convert it to an invoice yet but it is a deposit.&nbsp;&nbsp;&nbsp;Any tips??&nbsp; I have gotten up to the stage of reporting it via the sales register but then how to I recent the money via Receive Payments?

earl_hd · Answer

Hi vanessajosev,Appreciate for your detailed input. You can setup a liability account for retainers, but it's always advisable to reach out to an accountant for an accurate answer. You can also visit these help pages for more information.
&nbsp;
Receiving retention payments&nbsp;Retention Money – don’t let clients steal your cream!
Regards,Earl

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Customer deposits / Customer Retainers

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