Once your jobs are complete, you can release
retained amounts for the job by producing a final invoice for the customer.
You can release retainage for your customer invoices in one of two ways.
The first method shows you how to use the Progress Billing feature of
Sage 50 to release retainage. The second method shows you how to release
retainage manually using the Sales Invoicing window.
1. Select Tasks
> Select for Progress
Billing.
2. On the Select
for Progress Billing - Filter Selection window, select the range
of jobs that you want to release retainage for. Tell me more about the filter selection window.
3. Check Release
Retainage.
4. Click OK..
5. On the Select
for Progress Billing window, select the Release
Retainage tab. Tell me more about this window and tab.
6. Select which retained
amounts you want to release and then choose if you want to save the invoices
for later printing and processing or if you want to print or email the
invoices. When the retainage is released, the released amounts will be
handled as standard receivables and aged accordingly.
1. Create a Service
inventory item for retainage, specifying the correct General Ledger account
for Retainage Receivable in the GL Sales Account Field. Also, you should
specify an Exempt Item Tax Type for this inventory item since retained
portions of invoices have been taxed already. Although this step is optional,
we recommend it because it ensures that the correct general ledger
account will be credited for the release of the retainage and it allows
you to track the invoices by this item. 
Step-by-step instructions
a. Select Maintain
> Inventory Items.
b. Enter an Item ID and Description.
c. Select Service as the Item
Class.
d. Leave Price
Levels set to 0.00 and enter the Receivables Retainage account
in the GL Sales Account field.
e. Select the appropriate non-taxable
Item Tax Type.
f. Click Save.
2. Determine the total
retainage for the job using the Job
Retainage report.
3. Enter a sales invoice
selecting the appropriate customer and the Retainage Service inventory
item using the Apply to Sales
tab.
4. Enter the amount
of the retainage as a positive amount on the line item.
5. Enter the correct
ID in the Job ID field. Do not
select a phase or cost code.
5. Verify that no
additional retainage is calculated for this invoice using the Withhold
Retainage tab.
6. Print the invoice.
The retainage will now show as a receivable and be aged based on the date
of the invoice or its due date.