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S
Shari15
October 3, 2024
Question

Showing a partial payment (withholding retainage) as well as the amount due on a bill payment stub

  • October 3, 2024
  • 1 reply
  • 0 views

Hello!

We are an excavation contractor and many times are the GC on site prep, which means we hire subcontractors.  It is the industry standard to withhold a 10% retainment until the job is finished and approved.  I would like to be able to show that 10% deduction from the total amount due on the bill payment stud:

Original Amount     Balance Due        Retainage      Payment
      $13,000.00        $13,000.00        $1,300.00        $11,700.00

Then when retainage is released:

Original Amount     Balance Due        Retainage       Payment

      $13,000.00         $1,300.00                                $1,300.00

It would be great if there was a way to do this.  Someone suggested I use the discount option, but that would just take the balance due down by 10%.

Thanks in advance,

SCW            

1 reply

C
CamelleT
October 3, 2024

I appreciate the detailed information about your concern regarding showing a partial payment (withholding retainage) and the amount due on the bill payment stub, Shari. I value your thorough explanation, as it helps me better understand your needs. Allow me to discuss the availability of displaying this section below.
 

First, I recommend consulting an accountant to assist you in effectively managing the 10% retainment from the total amount due. They have the expertise to offer valuable insights and help ensure your practices align with current accounting standards. If you don't have one, you may refer to this link: Find an Expert QuickBooks ProAdvisor Near You.
 

While you can submit your suggestion to include retainage in the bill payment stub, this column is currently unavailable. We only have the discount option at this time.



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I highly value your needs and preferences, Shari. By understanding your perspectives, we can refine our offerings to ensure they are relevant and beneficial to you. Please continue to share your thoughts with us. If you have other questions about managing payments, tap the reply button. 

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