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 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. 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. You will be able to access your Trust Reports directly within your QuickBooks Online books.

Regina Pitts
Regina PittsChief Financial Officer
Member of the QuickBooks ProAdvisor Program

Your Personal Guide to Seamless Accounting: Advanced QuickBooks ProAdvisor at Your Service

Hey there! I’m Gina, and I’m the proud co-founder of Lend A Hand Accounting. Why did I start this? Well, I believe that everyone should have access to affordable, efficient, and flexible accounting and bookkeeping services. It’s all about making sure these essential services fit snugly into your budget without any fuss.

We’ve ditched the traditional hourly rate system and adopted a flat fee pricing. You might be wondering, “Why does this matter?” Well, this way, you know exactly what you’re paying for upfront and there are no unexpected surprises. You get to pick and choose the accounting services you need, like a customized menu. And the best part? You’re in complete control of when you start or stop using our services. We’re essentially just a call or a text away, no need for endless phone calls or draining trips to the accountant’s office.

I’m not just any accountant though. I’m an Advanced QuickBooks Online ProAdvisor. That means I’m equipped with advanced expertise and resources to help you leverage QuickBooks Online to its full potential. My goal is to make your accounting process smooth and efficient so you can focus on what you do best – running your business.

Ready to get started? Reach out to me directly at 360-637-4799. We can even kick things off immediately if you’re ready. Simply create a free account, and I can instantly take a look at your books and let you know where you stand.

At the end of the day, we’re here to serve you. We really appreciate the trust you place in us and we’re eager to meet all of your accounting and bookkeeping needs. Looking forward to being part of your team!

Take care,


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.