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Retentions

Sage 50 general help forum - Free help and support for all general issues
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suzyg09
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Retentions

Post by suzyg09 » 20 Mar 2009, 19:09

We deal with a lot of contractors who deduct retentions from their payments. What is the best way to post these so that we can ensure that they're invoiced in 12 months time?
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brucedenney
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Sage Version: v30 UK/Europe/Africa

Post by brucedenney » 30 Mar 2009, 14:01

The best way to control anything is with a control account in the balance sheet.

Journal the future sale value to the retentions control account and each month / quarter, you should be able to produce a list of all the retentions and they should add up to the control account value.

If retentions are not always got without remedial work or additional costs, then you might not want to treat them this way.
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suzyg09
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Retentions

Post by suzyg09 » 31 Mar 2009, 09:10

Thank you very much for your help.
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