Setup Retention

  1. Make sure there is an asset account in QuickBooks for retention. This is usually an “Other Current Asset” account.
  2. Verify that the account has been synced to iPoint in Settings > QuickBooks > Chart of Accounts. If not, sync the account.
  3. Create an item in the items module. You might call it something like “Retention”. (Inventory Type: Other Charge – make sure QB account is Retention from step 2)
    1. Use the Income Account dropdown on the item
    2. Select Other… from the bottom of the list
    3. In the window that opens, type the name of the retention account exactly as it appears in QuickBooks
  4. To enable retainage in iPoint go to Settings > Module Settings > Proposals > Accounting tab. Check the Enable Retainage Tracking checkbox. This will activate the retainage option in Sales Orders.
  5. Set the retainage item below the checkbox as the item that will be used to track the retainage (from step 3)

Reporting Retention

The retainage is reported on the Sales Order Summary report located on the Sales Order > Reports (tab) > Financial Summary (button)

iPoint Version: 9.0722
Last modified: 30 Jul 2020

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