Examples of Mapped Retainage Accounts
After you create retainage accounts, you must link the retainage accounts to invoice and accounts receivable accounts. The mapping process depends on whether you have one retainage account or multiple retainage accounts.
Enter mapping information on the Invoice Mapping Accounts tab in
.Example - Multiple Retainage Accounts
In this example, assume that you are posting invoice amounts to multiple accounts receivableaccounts. You should set up corresponding retainage receivable accounts.
If you have the following AR accounts | Set up the following retainage accounts |
---|---|
111.00 – AR Clients | 116.00 – Retainage Receivable |
111.01 – AR Labor | 116.01 – Labor Retainage Receivable |
111.02 – AR Expense | 116.02 – Expense Retainage Receivable |
111.03 – AR Units | 116.03 – Units Retainage Receivable |
111.04 – AR Add-ons | 116.04 – Add-ons Retainage Receivable |
Note that the values in the AR Column of the Invoice Mapping Accounts tab are defined on the Ledger Headings tab of Accounts Receivable Settings and may be different for your company.