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How do i apply retencion on sales invoice

 
3 REPLIES 3
QuickBooks Team

Re: How do i apply retencion on sales invoice

Hello Leuviky,

 

If you are using QuickBooks Online you can apply retention on a sales invoice by doing the following.

 

Firstly create a retainage account

 

1.Click on accounting on the left  hand side

2.Click on chart of accounts

3.New

4.Category type>current assets

5.Detail type> retainage

6 Name> retainage receivable (or what you want to name it)

 

Then create a retainage item

 

1.Click the gear icon in the top right

2.Select Product and Services

3.Click on new

4.Select service

5.Name the item for example retainage

6.Under sales information put a tick next to I sell this products/service to any customers

7.In the income account section select the retainage receivable account you set up in the previous step

8.Save

 

To apply this to an invoice

 

1.Click the + symbol in the top right

2.Select invoice

3.select customer,fill out the remainder of the invoice,including the line items you want

4.On the next available line select the retainage item under the product/service section

5.In the rate column select the amount of retainage as a negative amount(using the minus symbol then the amount.If it is a percentage you would need to calculate this manually

6.Save and close

 

 

Any questions on this just reply back to this post

 

Emma

 

 

 

Active Member

Re: How do i apply retencion on sales invoice

Thank you,shame its manuallymQuickbooks Desktop will do autom.

Moderator

Re: How do i apply retencion on sales invoice

Thanks for voicing out your idea and joining this thread, @leuviky.

 

The steps to apply the retencion on sales invoices depend on the version you have.

 

I understand how beneficial it is to have an automatic application of retencion in QBO. I promise to take note of this and prepare a feedback statement directly to our product developers. 

 

For now, you can visit and check out Intuit QuickBooks blog site. It posts product enhancement and accounting advice written by business bloggers and QuickBooks Team.

 

Let me know if there's anything else I can do or you have other proposals. I'd be here to provide more help and share them on your behalf.