Examples of Mapped Retainage Accounts
After you create one or more retainage accounts, you must link the retainage accounts to invoice and accounts receivable accounts.
Enter mapping information in the Invoice Mapping Accounts section in
.Example - Multiple Retainage Accounts
In this example, assume that you are posting invoice amounts to multiple accounts receivable accounts. You should set up a corresponding retainage receivable account for each accounts receivable account.
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 |
The values in the AR Column in the Invoice Mapping Accounts section are defined in the AR Ledger Headings section in and may be different for your company.
Parent Topic: Retainage