Can I add an account showing monies held back (eg Contingency) in the Balance Sheet?

Hi mamckenna215-gma,

You can definitely create a new account in your chart of accounts to record the money held back. Your balance sheet report will show your assets, liability and equity in QuickBooks Online.

To create a new account:

1. Click on the Transactions tab.
2. Click on Chart of accounts.
3. Click on New.
4. Under Account type, choose account like Asset. Select a detail type as well.
5. Under Name, enter a name of how you want to show the figure on your report.
6. Click on Save.

Once done, you can record the transaction or use a journal entry to record the figure. To know which account to use, I would recommend contacting your accountant to properly allocate the amount in QBO. You can also refer to this link to learn more about balance sheet report and adding new chart of accounts:

• Add an account to your chart of accounts in QuickBooks Online
• Run a Balance Sheet report in QuickBooks Online

Post again in the Community if you have further concerns. I am around to help you.