I would like to refund all or a portion of the retainer to my client. How can I reduce the retainer for that?
Please follow the steps below to do so:
1. Open the Payment screen.
2. Select View By: Client or Project. This depends on the type of retainer available.
3. Select your client or project for which you have to process the refund.
4. Make sure that the retainer available is greater than zero. Enter the ‘–‘ sign and amount that you have chosen to refund in the Amount field.
5. Check the ‘Apply as Retainer’ check box.
6. Save and Close.
You can issue the refund check from BillQuick, QuickBooks or other accounting software that you are using.
Note: If integrating with your accounting software, this negative payment will NOT transfer over. You must reduce the ‘BQUnearnedRetainer’ account using a credit memo and cut a check manually to the client to finish processing this refund.
In BillQuick 2009 and above, retainers can be posted to an account of your choice. If you are doing so, make sure you reduce that account instead of the BQUnearnedRetainer account.