QuickBooks client report question....paid amount being reflected against the contract amount.? -

How do I show a full report from our clients with what they have paid vs. what their contract amount is in QuickBooks? Currently we have nothing in QB showing a total contract amount and what is being paid against it. How can I do that? Should I create a faux invoice with the total contract amount for each client. And when they pay enter receive payments in individual invoice and the faux contact invoice but only make a deposit once so it won t effect the register? That is all I can think of to to this. I am very grateful for any help!!Thanks!

Is this contract a long term thing? Like for more than a year? If so, I d make a journal entry like this: 1)DR Note Receivable ACME Company (Asset)2) What s the contract for? Did you sell an asset? If so, CR Sale of Assets (Other Income/Expense). Work that you did, or are going to do? If so, CR Sales or Work in Progress, etc. You need to clarify this part first. Once you ve done this entry, click on Lists, Chart of Accounts, double click N/R ACME (or what ever you call it). Modify your report to show DR CR and all dates. This will give you your in, out and balance with all detail. If this is the case, by entering fake invoices, etc. you will wind yourself up in a confusing ball. Don t go there. It should be as simple as this one entry, then apply payments received to the N/R account. Good luck, E.