How to Enter Retainage for Your Customers

Related topics

Set up Sage 50 to handle retainage

Release retainage on customer invoices

Enter retainage on vendor invoices

Release retainage on vendor invoices

Enter a sales invoice

Use the Job Retainage report

Enter a credit for retainage

Once your system is set up to calculate and handle retainage, processing retainage on a customer’s invoice is easy. To do so

  1. Open the Sales Invoicing window and select the customer.
  2. Enter the Header information for the invoice, and the appropriate line items and job IDs for billing.
  3. Select the Withhold Retainage tab. If you have entered a value in the Percentage field on the Maintain Jobs window for your jobs, Sage 50 will already have calculated the amount of retainage on a per-job basis for each job and will display it on the tab. You can change the amount of retainage at this time if you want to.
  4. Save, print, or email the invoice. Sage 50 will display the retainage amount as a line item on the invoice and update the total billed amount for the invoice. There will be one line item per job listed on the invoice. The retained portion of the invoice will NOT be considered a receivable until it is released. Tell me more about releasing retainage.

Note: Selecting the Summarize Progress Billing Invoices by Job option will cause retainage withheld to be included on the summarized line item so that it does not display individually for the customer. If you are printing from the Sales Invoicing window, this function will work only if you are billing for a proposal or editing an invoice created during Select for Progress Billing.