Dear Sirs,
I need your assistance regarding “Retention” Topics, as some of our customers impose a retention of 5% or 10% out of Taxable value.
Is there any way, i can update a field during issuing sales invoice,
Finally, i would to thank you for this wonderful, user friendly software.
Regards,
Mohamed Issa
If this “retention” is a withholding tax, see this Guide: Manager Cloud. If it is something else, please explain further.
Thanks for your quick response,
no it isn’t a withholding tax, it is amount retained on every sales invoice issued, and it will settled in full upon completion of the work done, knowing that our company is considered a sub-contractor for construction projects.
so eventually, amount is receivable upon project final handover.
In that case, issue the sales invoice for the full amount. When receiving partial payment, enter the amount received, allocating the line item to the specific sales invoice for that customer. This will credit the amount to the customer’s Accounts receivable balance and leave the 5% or 10% as balance due. If you then look at that sales invoice, you will see this information in full. When final payment is received, enter that amount against the same sales invoice, which will now show as paid in full.
The status of any given sales invoice will be viewable under the Sales Invoices tab, the Customers tab by drilling down on either the Invoices or Accounts Receivable columns, or by drilling down from the Summary on Accounts receivable, then the customer.
Well noted.
Thanks again for prompt reply.
Regards,
Mohamed Issa