How can I apply a clients retainer to old invoices that have already been posted in prior periods without having to unpost the invoices?
The amount from the client’s retainer account balance is adjusted with a negative client retainer payment. Do this by adding a client payment and selecting Retainer/Deposit/Advance as the payment type. Enter the Retainer liability account number as the cgl account. Enter a negative amount equal to the amount to reduce the client’s retainer balance. Change the dgl to a miscellaneous account. This negative retainer payment reduces the client’s retainer balance and decreases the account balance in the Retainer liability account. The outstanding invoices are paid by adding a client payment. This is the same amount, but as a positive amount, that reduced the client retainer account balance. Change the dgl to the miscellaneous account. Apply the payment to the invoices. The negative debit to the miscellaneous account entered by the negative client retainer payment offsets the payment entered to pay the old invoices.
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