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Hi acousticceilings!
I’ve got the steps to help you add a retention amount on your invoices. And yes, it’s possible to show the amount when you issue them. I’m glad to show you how.
Setting up retainage tracking:
a. Click the Gear icon.
b. From the drop-down menu, select Chart of Accounts.
c. In the Chart of Accounts, click New.
d. For Category Type, select Other Current Assets.
e. For Detail Type, select Retainage.
f. For the Name, enter Retainage Receivable.
g. Click Save.
a. Click the Gear icon.
b. From the drop-down menu within the Lists section, select Products and Services.
c. In the Products and Services window, click New.
d. Enter a Name for the item (i.e. Retainage).
e. Under Sales Information, place a check-mark next to I sell this product/service to my customers.
f. Select the Retainage Receivable account from the Income Account drop-down.
g. Click Save.
Withholding retainage from an invoice:
In case you need a report in the future, you can follow these steps:
You can save this report, so you won't have to do a lot of customisation when you need it in the future. For instructions, you can refer to the Memorised Reports article.
Feel free to come back here if you need anything else. Thanks!