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R
rcrh
December 31, 2021
Question

retainage PAYABLE

  • December 31, 2021
  • 1 reply
  • 0 views

I have supplier (in my accounts payable) to invoice with hold backs until a project is complete.  I want to create a retainage account so that I have a subledger & aging of these balances by supplier.   I've seen this discussion:
https://quickbooks.intuit.com/learn-support/en-us/reports-and-accounting/how-do-set-up-a-retainage-payable-account-that-so-that-you-can/01/234404#M14070
But that just creates another liability account and doesn't provide the subreporting that I need.

Does QBO not have this ability?

1 reply

A
Alex M
December 31, 2021

Hi there rcrh,

 

 It's vital that all your transactions be correctly entered in your books so that all your accounts balance. QuickBooks Online is a great tool able to help you keep track of purchases made by your company to be able to see your expense totals. I can point you in the right direction for assistance with setting up retainage.

 

There isn't a specific way designed by QuickBooks Online to deal with retainage on bills. I can see how having this feature programmed in QuickBooks would be a feature that could help you keep track of money owed to your supplier. I recommend that you leave feedback in the system by clicking on the Gear icon, then  Feedback. The comments made in that section are taken into consideration when designing new features for QuickBooks Online. I'll pass along your feedback on my end as well.

 

In order for assistance in setting up retainage in your accounts so that it tracks correctly, I recommend speaking to your accountant. They'll be able to provide insight into how it should be showing up in your books as well as provide some insight into how it should show up in reports. You can invite them to your account by going to the My accountant tab. You can also find an accounting professional near you by clicking on the Find a pro to help option in that section.

 

If you have any other questions, feel free to reach out here.

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