When your vendors have completed their jobs, they will release the retainage by sending you a statement or an invoice for the retained amounts. To release the retainage in Sage 50 follow these steps:
Create a Service item in Inventory for Payables Retainage. Make sure that the Payables Retainage general ledger account is entered in the GL Salary/Wages Acct field for the Service item. Although this step is optional, it will ensure that when you use this item on your purchase invoices the correct general ledger account is selected automatically. Step-by-step instructions