How do I track Retainage on an Invoice?

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• Create a Retainage Account

  Setting up retainage tracking: 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, ...

• How do I reduce the retainage deduction after having reached a certain contractual milestone for Invoicing?

  Create a New Invoice from Invoices. Under Add items to Invoice drop down (middle of page) select Add Retainage (full or partial ) for payment. You will then get a pop up box that will allow you to type in a new retainage amount. Simply type in the ...

• Adding a New Invoice

  Adding a New Invoice Contractor Foreman allows you to create and send invoices directly from the App. Required fields are marked with an Asterisk (*,) To create a new Invoice, go to Main Menu and click on Invoices. Fill out the customer field from ...

• What is the purpose of a Retainage Code and how does this integrate with QuickBooks?

  Setting a Retainage Cost Codes helps in always sending retainage amounts to the correct cost code and helps in the synching to QB.

• How do I designate that Retainage is supposed to be held on a Sub-Contract?

  Retainage should be designated when the Sub Contractor is created. From the Menu, click the + icon on the Sub Contract to open a new Sub Contract. In the Details page, you will see Work Retainage %. You can put the required retainage there.