Available in Sage 50 Quantum Accounting.
How to Set Up Sage 50 to Handle Retainage
How
Do I...
Setting up Sage 50 to handle retainage is easy and can be accomplished
in three steps.
Note: You must have created general ledger accounts with Account Types of Payables Retainage and Receivables Retainage before retainage fields will be visible on various windows throughout Sage 50 Quantum Accounting.
1. Create General Ledger accounts for Accounts Receivable Retainage and Accounts Payable
Retainage. 
How?
a. Select Maintain, Chart of Accounts. This will open
the Maintain Chart
of Accounts window.
b. Enter an appropriate Account
ID and Account Description.
c.
Select the appropriate Account
Type, either Receivable Retainage or Payable Retainage.
d.
Save the new accounts.
Warning! You must use these special Account Types to have the Job
Retainage report properly track retainage.
2. Enter the correct
retainage General Ledger accounts in Job Defaults. How?
a. Select Maintain, Default Information, Jobs.
b. Select the Billing
& Retainage tab.
c.
Select or enter the appropriate accounts.
d. You may also enter a company-wide
default Retainage % here.
e. Click OK..
3. Enter the appropriate percentage for retainage for each job. How?
a. Select Maintain, Job Costs, Jobs
to open the Maintain Jobs window.
b. Select the job record
c. Enter the appropriate percentage in
the Retainage Percent field. It
will default to the value set in Job Defaults, if any.
d. Save the record.
Once you have set up these fields, Sage 50 will automatically calculate
the correct amounts for retainage on your customer invoices, based on
each job, and assign these amounts to the correct general ledger account.
Note that there is no default percentage for retainage on
vendors. The percentage or amount of retainage for each job will be entered
manually from each purchase invoice (vendor bill).
What do you want to do next?