Before you can record a deposit, retainer or trust fund money received, the related product and service items and accounts need to be setup in QuickBooks Online. With this service, your accountant will send you a notification requesting the deposit, retainer or trust account information that will show up on your client dashboard. You will be able enter customer deposits, retainers or trust account details into a form within your request on your client dashboard. You should upload copies of deposits, payments, contracts, estimates or trust bank account statements into a folder within your secure document upload portal. Your accountant will take care of the steps required to record the deposits, retainers or trust account money received. This work includes the creation of transactions and trust bank accounts. This process makes it easy for you to track balances and create reports that detail the money received and money applied to customer invoices in accordance with the terms of your set contractual agreements.

Your Accountant will Create Custom Deposit or Trust Reports

Once your accountant has completed the process for recording the deposits, retainers or trust account money received, they will create a custom report that includes the details of your outstanding customer deposits, retainers or trust account liabilities. Your accountant will upload the reports into the From My Accountant folder located within your document upload portal. When you receive deposit, retainer or trust money, it is recorded as a liability because the money does not belong to you. The money is either returned to your customers or applied as a payment against the balance of their outstanding invoices. Trust accounting is commonly used by lawyers, real estate professionals, property management companies, and various general contractors.

Regina Pitts
Regina PittsPrincipal Accountant & Bookkeeper
Member of the QuickBooks ProAdvisor Program

Accounting and Bookkeeping Support by a QuickBooks ProAdvisor Program Member

I founded Lend A Hand Accounting because I believe accounting and bookkeeping services should be affordable, efficient, and flexible. We use flat fee pricing, which makes our accounting services a comfortable fit for any budget. At Lend A Hand Accounting, we’ve found a formula that really works! You select the accounting services you need, and control when you want to start or stop services. It is all in your hands! We’ve cut out the need for endless phone calls and long trips to the accountant’s office.

Feel free to call or text me now at 360-637-4799. We can also get started right away. Go ahead and create a free account and we can automatically look at your books and let you know where you stand.

We really appreciate your business and look forward to serving all of your accounting and bookkeeping needs. Thanks again!


The Content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice.