Transactions
Hi, kg2020.
To change the posting account of the retainage, you can create a Sales Receipt or apply it to an open invoice.
Below are the steps to complete the process:
- Click the +New in the left panel and select the Sales receipt.
- Select the Customer name from the drop-down.
- From the Deposit to ▼ drop-down menu, select the separate account you created for retainage, your main operating account, or the account this money will be kept in.
- In the Product/Service column, select the Retainer or Deposit item you set up.
- Enter the amount received for the retainer or deposit in the Rate or Amount column.
- Select Save and close.
For detailed information and additional recommended steps (proceed to Step 4), check out this article: Record a retainer or deposit.
Also, I'm including this article for your other reference: How to view Retained Earnings account details.
I appreciate your time today. Please know that I've got your back if you need help with QuickBooks.
