Setting up Retainage Accounts

Before you release retainage to be billed, you must set up new accounts to store retainage amounts temporarily. Your account setup determines the accounts to which retainage amounts are posted.

You must set up at least one account for retainage. Set up the accounts in Settings > Accounting > Chart of Accounts.

Set up the accounts in one of the following ways:

• Set up one retainage account to record all retainage for your projects.
• Set up multiple retainage accounts to record retainage applied to specific sections of the invoice.

After your retainage accounts are established, you must map these accounts to invoice and accounts receivable accounts on the Invoice Mapping Accounts tab of Settings > Accounting > Accounts Receivable.