What do you do when it is time to receive payment for the retainage? It is sitting in the "other asset" but has not really been billed since the invoice total is lowered by the negative amount entered. Thanks.
You can close your books at the end of every fiscal year or every month. If you choose to close monthly, you can create a closing date and password. This will allow you to set up restricted access for the file, and no changes can be made to your transactions within that month.
You'll also want to run the Closing Data Exception report to show all the current and past closing dates and what user closed them. I've included some articles that you'll find helpful in the process: