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Create a Retainage Account

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Setting up retainage tracking:

    1. Create a Retainage account:a. Click theGearicon.
      b. From the drop-down menu, selectChart of Accounts.
      c. In theChart of Accounts, clickNew.
      d. ForCategory Type, selectOther Current Assets.
      e. ForDetail Type, selectRetainage.
      f. For theName, enterRetainage Receivable.
      g. ClickSave.
    2. Create a Retainage item:

a. Click the Gear icon.
b. From the drop-down menu within theListssection, selectProducts and Services.
c. In theProducts and Serviceswindow, clickNew.
d. Enter aNamefor the item (i.e.Retainage).
e. UnderSales Information, place a check-mark next toI sell this product/service to my customers.
f. Select theRetainage Receivableaccount from theIncome Accountdrop-down.
g. ClickSave.

Withholding retainage from an invoice:

  1. Click the+symbol located at the top of the screen.
  2. SelectInvoice.
  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, selectRetainagefrom theProduct/Servicecolumn.
  6. In theRatecolumn, enter the amount of the retainage as a negative (-) number.
    Note: If your retainage is a percentage, you must calculate this manually.
  7. ClickSave and Close.

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

  1. Click theGear icon.
  2. SelectChart of Accounts.
  3. Click once on theRetainageaccount line, to highlight it.
  4. Click theReportbutton, in the top-right corner.
  5. ClickCustomise, located in the top-left corner of the report window.
  6. UnderRow/Columns, changeGroup BytoCustomer.
  7. ClickRun 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 theMemorised Reportsarticle.

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