Once you have captured a retainer from your client, you will need to know how to apply retainers in BillQuick Online.
The idea of course is to take money out of the liability, now that we’ve earned it, and apply it to the receivable to show the invoice as paid.
To re-cap the process, there are several steps we took in getting set up for accounting for law firms in the cloud:
- We set up BillQuick Online and QuickBooks Online and connected them.
- Next we showed you how to capture a retainer in BillQuick Online.
- Then we looked at Entering Time and Expenses in BillQuick Online.
- After that we looked at how to review and approve those time and expenses in BillQuick Online.
- Finally (up until now) we looked at how to bill your clients using BillQuick Online.
- Now we’re looking at how to apply the retainer to that bill we created in the previous segment.
The process is simple. You act as if you’re going to receive a payment from a customer. This means that you enter all of the information. You bring up the client and case whose invoice you want to mark paid. The trick to this is that when you select the payment method, you will find an option that says “Use Retainer.”
Once you choose the use retainer option, you want to check off the invoice(s) that you want it applied to. Then you can save the transaction and sync to QuickBooks Online.
There will be nothing more to do in QuickBooks Online. Just run the Profit and Loss and Balance Sheet to be sure that everything is posting as expected.
Now you’ve seen everything you need in order to manage the accounting for the entire revenue cycle for managing a law firm in the cloud.
Next we’ll begin to look at the case management aspects of what you can do in BillQuick Online.
As always please post your comments and questions below!