Requirement 1: Create a QuickBooks Item to use for Retainage
1. Typically, you should have an account to hold the retainage amounts, one for receivables and another for payables. Typically for receivables, the account type would be “Other Current Asset”. While for payable retainage, the type would be “Other Current Liability”.
2. Create an account to hold retainage receivable.
a. Add a new account
b. Select “Other Current Asset” as the account type
c. Enter the desired account name
d. Save the account
3. Create an account to hold retainage payable
a. Add a new account
b. Select “Other Current Liability” as the account type
c. Enter the desired account name
d. Save
4. Create an Item to use for as retainage line item.
a. Open the Items & Services module
b. Create a new Item
c. Choose “Service” as the item type. Enter the desired name and then check the “This service is used in assemblies or is performed by a subcontractor or partner”
d. Under the PURCHASE INFORMATION, select the retainage payable account you created as the Expense Account. Under the SALES INFORMATION, select the retainage receivable account you created as the Income Account.
e. Save (click OK)
Requirement 2: Setup the Retainage QuickBooks Item Code in RedTeam Go
1. Go to the QuickBooks Desktop Integration setting page (Accounting > QuickBooks Desktop Integration > Settings)
2. Request a refresh of the item list
3. Make sure the Web Connector is running.
4. Once the web connector has finished processing, refresh the settings screen.
5. Select the QuickBooks retainage item you want to use for syncing retainage data for both Invoices
6. Select the QuickBooks retainage item you want to use for syncing retainage data for both Bills
7. Note: If you don’t want to sync retainage data, leave the QuickBooks Item Code blank
8. Save
Sample Invoice with Retainage Upload
RedTeam Go Owner Bill:
QuickBooks Invoice:
Last Owner Bill Example:
QuickBooks Desktop Invoice:
Sample Sub Billing Retainage Upload
RedTeam Go Sub Bill:
QuickBooks Desktop Bill:
RedTeam Go Sub Bill with returned retainage:
QuickBooks Desktop Bill:
RedTeam Go Sub Bill with balanced-out last bill:
QuickBooks Desktop Bill:
Example Retainage Chart of Accounts for Retainage Receivable:
Example Retainage Chart of Accounts for Retainage Payable:
