How do i Add to apply a retention to an invoice?
In my country, the law mandates 2% retention on the amount of the invoice. Additionally, there is a 1% on the amount of the invoice in favor of the municipality.
That is to say that the invoice I issue is taxed with 3% withholdings. How do I register these retention ?, attached sample. This Sample is for 2% of retention a favor of government.
Hello there, @SINCO.
I appreciate you attaching a screenshot. I'm here to help you add and apply retention to an invoice.
You will have to set up a Retainage account and item first before you can apply it to an invoice. For the detailed instruction, follow the steps below.
Creating a Retainage account:
Setting up a Retainage item:
Withholding the retainage from an invoice:
That should do it, @SINCO.
Let me know if you have additional questions about retention. I'm still here to help you more. Have a good one.