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
