You should be able to set a default account (current asset) to hold the accumulating retainage on a job when you set it up in the 3-5. When you produce an invoice for the job instead of the retainage accumulating in the AR for the entire job until it is paid, only the net amount of the invoice is applied to the Accounts Receivable and the retainage is applied to the defaulted asset account. Allow for separate retainage accounts for each job.

by: Mark B. | over a year ago | Accounts Receivable