Hello there, @Mary102.
You'd want to create a retainage payable account on your Chart of Accounts. Let me show you how:
- Go to the Accounting menu.
- Choose the Chart of Accounts tab.
- Click New.
- Under the Account Type drop-down menu, select Other Current Liabilities.
- On the Detail Type drop-down menu, choose Other Current Liabilities.
- In the Name field, enter Retainage Payable.
- Click Save and Close.
Once completed, you can create a retainer service item. You can use it in creating a sales receipt or an invoice to record the amount you've received from your customers. Here's:
- Choose the Gear icon ⚙.
- Select Products and Services.
- Click New.
- From the Product/Service information panel, pick Service.
- Enter a name for the new product or service item (ex. Retainer).
- From the Income account ▼ drop-down menu, select Trust Liability Account.
- Click Save and close.
You can read through this article for more detailed steps: Record a retainer or deposit.
Leave a comment below if you have other questions or concerns about tracking your income and expense transactions. I'm always here to help.
