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How do I enter retention claimed on a contractor's invoice? This retention is in relation to the monies retained by us, as the developer, from the contractor during work in progress stage. At practical completion of the construction the contractor requests release of retention monies.
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I'm here to help you with tracking retention claimed on your contractor's invoice, @mnr1.
First, you need to create a retainage account for tracking the amount. Then, create an item so you can use it on your invoices.
To create a retainage account:
And, here's how you can set up a retainage item:
Once done, you're now ready to enter the retention amount on the invoice:
Aside from these steps, you can also connect with your accountant for further assistance. He or she can also give you other alternatives to record the retention amount in QuickBooks Online (QBO).
On the other hand, you can review the topics from this link for more tips about tracking retainers or deposits: Learn how to record a retainer or deposit in QuickBooks Online.
You can also keep track of your income and other customer transactions through this link: Topics about your company's income and customers.
If you have any other follow-up questions about tracking retention amounts on invoices, please let me know by adding a comment below. I'm more than happy to help. Keep safe!
I'm here to help you with tracking retention claimed on your contractor's invoice, @mnr1.
First, you need to create a retainage account for tracking the amount. Then, create an item so you can use it on your invoices.
To create a retainage account:
And, here's how you can set up a retainage item:
Once done, you're now ready to enter the retention amount on the invoice:
Aside from these steps, you can also connect with your accountant for further assistance. He or she can also give you other alternatives to record the retention amount in QuickBooks Online (QBO).
On the other hand, you can review the topics from this link for more tips about tracking retainers or deposits: Learn how to record a retainer or deposit in QuickBooks Online.
You can also keep track of your income and other customer transactions through this link: Topics about your company's income and customers.
If you have any other follow-up questions about tracking retention amounts on invoices, please let me know by adding a comment below. I'm more than happy to help. Keep safe!
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