Setting up Retainage Accounts

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

At least one account must be set up for retainage.

Deltek recommends that you set up new accounts for retainage in one of the following ways:

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

After your retainage accounts are established, you must map these accounts to invoice and accounts receivable accounts.