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Hi acousticceilings! I’ve got the steps to help you add...

Hi acousticceilings!

I’ve got the steps to help you add a retention amount on your invoices. And yes, it’s possible to show the amount when you issue them. I’m glad to show you how.

Setting up retainage tracking:

  1. Create a Retainage account:

    a. Click the Gear icon.
    b. From the drop-down menu, select Chart of Accounts.
    c. In the Chart of Accounts, click New.
    d. For Category Type, select Other Current Assets.
    e. For Detail Type, select Retainage.
    f. For the Name, enter Retainage Receivable.
    g. Click Save.

  2. Create a Retainage item:
  3. a. Click the Gear icon.
    b. From the drop-down menu within the Lists section, select Products and Services.
    c. In the Products and Services window, click New.
    d. Enter a Name for the item (i.e. Retainage).
    e. Under Sales Information, place a check-mark next to I sell this product/service to my customers.
    f. Select the Retainage Receivable account from the Income Account drop-down.
    g. Click Save.

Withholding retainage from an invoice:

  1. Click the + symbol located at the top of the screen.
  2. Select Invoice.
  3. Select your customer.
  4. Fill out the remaining fields of the invoice, including the purchased line items.
  5. On the next available line of the invoice, select Retainage from the Product/Service column.
  6. In the Rate column, enter the amount of the retainage as a negative (-) number.
    Note: If your retainage is a percentage, you must calculate this manually.
  7. Click Save and Close.

In case you need a report in the future, you can follow these steps:

  1. Click the Gear icon.
  2. Select Chart of Accounts.
  3. Click once on the Retainage account line, to highlight it.
  4. Click the Report button, in the top-right corner.
  5. Click Customise, located in the top-left corner of the report window.
  6. Under Row/Columns, change Group By to Customer.
  7. Click Run Report.

You can save this report, so you won't have to do a lot of customisation when you need it in the future. For instructions, you can refer to the Memorised Reports article.

Feel free to come back here if you need anything else. Thanks!