General
Receipt of Client Retainer Fee
Recording an upfront payment from a client for future legal or consulting services.
| Account Name | Type | Debit ($) | Credit ($) |
|---|---|---|---|
| Cash / Bank | Asset (+) | 3,000.00 | - |
| Unearned Professional Fees | Liability (+) | - | 3,000.00 |
💡 Accountant's Note
Under the accrual basis, you haven't performed the service yet, so the money is 'unearned' and sits as a liability on the balance sheet.
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QA
Expert Analysis by Qusai Ahmad
General Accountant Supervisor & IFRS Specialist
Specialized in SAP GUI automation and Middle Eastern tax compliance. Building digital tools for the next generation of finance leaders.