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Level 1

How should I enter retention in a progress invoice so that I can bill for it later?

When using the progress invoice I've been entering retention as a negative amount to get the amount owed to be correct.  However it then shows up as paid and a credit.  And then I can't invoice it.  How should I enter retention so that it doesn't show up as paid before it's invoiced?

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Best answer 12-10-2018

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Level 7

Sunburst Software has an illustrated article on retainage...

2 Comments
Level 7

Sunburst Software has an illustrated article on retainage...

Level 15

"However it then shows up as paid and a credit.  And then...

"However it then shows up as paid and a credit.  And then I can't invoice it. "

Go to your No Company Open Screen. Bottom right is Sample File = "product-based" is Rock Castle Construction. They have Retainage for customers on the items list. Look at how it has been used.

Vendor retainage is an Other Charge item linked to your Liability account. Customer retainage is an Other Charge item linked to your Other current Asset account.

Both of these are used with Gross Billing, and then put in negatives to show a holdback. That same item is what you Invoice or charge the customer later, or pay the vendor (sub), later.

If you are seeing something as "paid and a credit" you likely linked it to Banking or made it a Payment item, in error.


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