How to Enter Retainage on Vendor Invoices
How
Do I...
You can enter and track retainage that you withhold from vendor bills,
particularly subcontractor invoices. This will allow you to track the
retained amounts of vendor bills without having the retained amount be
handled as an aged payable. To enter retainage on vendor bills
- Enter the Invoice information for the vendor bill
on the Purchases/Receive Inventory
window as you would normally enter a vendor invoice. Be sure to enter
all Job IDs in their appropriate fields.
- Use the Withhold
Retainage tab to enter the retained amount(s) as listed on the
vendor’s bill.
Note: You must enter the retained amount on a per job basis.
- Save the invoice. The retained amounts will appear
on the Job Retainage report
for tracking purposes. The retained amounts will not be treated as aged
payables until they are released.
Note: Retainage is not available for Cash basis accounting companies.
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