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I see numerous post regarding retentions but they are all older posts. We are subcontractor in construction and our clients hold retentions. They want our invoices to be for the amount minus the retention of 5 to 10% depending on the client. I saw a post from Julie_A_C from 2011, where she creates a Z-(customer name) so that her retentions remain in the accounts receivables. I like this idea but her example is when invoicing the entire amount, not minus retentions. She talks about setting up a clearing account but I don't think I need that since I am including the retention amount as a negative $$ on my invoice.
Can someone help me to set this up in my MYOB system as at the moment our retentions are on a spreadsheet, and I don't trust that and want to see the retention amount that each customer owes on each job, and I want it to appear in my receivables.
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More recently @Julie_A_C wrote exensively in a blog on Retentions here, you may find it helpful