We need a retainage billed report so we can keep track of which retainage was billed and its aging. Right now you can not tell if it was billed and how long ago it was billed
by: Rich G. | over a year ago | Accounting Reports
Votes
14
Retainage billed report
by: Rich G. | over a year ago | Accounting Reports
Comments
I create a new invoice in 3-2 for the retention I am billing and put an R on the invoice # so I can tell in the aging that it is a retention invoice. I use a retention clearing account so sales is not overbilled. I then immediately enter a credit for the same amount (also to the retention clearing account) and apply it towards the retention amounts of the oldest invoices. I do not use the "release retention" function for this reason. You lose the ability to see the original invoice dates, due dates, and when the original net was not paid in full you lose that as well. Keep an eye on that retention clearing account as it should always net back to zero