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Retention Payments in QuickBooks Onine

I have created a Retainage Receivable Report and this report lists all of our retainage balances.  It was my understanding that when a customer pays this retainage receivable, I just create a deposit and select the customer, select Retainage Receivable as the account and then a description if I choose and then the amount.  When I do this, this payment does not show on the Retainage Receivable report, so it looks like Customer A still owes for retainage, when in fact, they paid it.  I thought I saw the payment listed at one point, but when I go back and look at the report, the payment is no longer there.  I also ran a report on Retainage Receivable from the chart of accounts, thinking I could sort these transactions by customer name and use that to figure out who still has a retainage balance, but even though the deposits DO show up on this report, the customer name is blank so when I sort these transactions by customer, all of the deposits show up at the bottom without any customer name appearing. When I click on these transactions to go back into the actual transaction, the customer name IS selected.  So, I'm not understanding why neither of these reports are working for me to track outstanding retainage.  Can anyone help?

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QuickBooks Team

Retention Payments in QuickBooks Onine

Thanks for posting a question here in the Community, @Tandra.

 

When generating an Accounts Receivable report, it shows your list of unpaid customer invoices. This does not include your retainage transactions. You'd want to create a customize Customer Balance Detail report.

 

Here's how:

 

  1. Go to the Reports menu.
  2. Select Customers and Receivables then Customer Balance Detail.
  3. Click on Modify Report.
  4. Choose the Filters tab then select the Retainage Receivable account.
  5. Click on the Memorize button and name it as Retainage Receivable.

You can also check out this article on how to set up retainage in QuickBooks Online. Set up Retainage in QuickBooks Online.

 

Message me back if you've got any concerns. I'm more than happy to help you. Have an awesome day!

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