Hello to all my friends using QuickBooks desktop for their contractor business or construction company. Now you will see the easiest way to record receiving the final job retention. You can check that the remaining balance of that job’s retention is what you are receiving. This is only 1 way of doing it in QuickBooks. Soon, you will see another option for recording retention/ retainage payment. I hope you will “like” and subscribe! -Mark
Thank you but I'm not sure exactly what you're asking for, but I think if you double click in the top right corner of the video, you will see the full playlist and you will see both of the videos that relate to retention and retainage and maybe by watching both of them you will understand the whole context. Unfortunately I cannot send you the link from the app from my phone where I am right now but if you cannot find it then when I get home in front of the computer I'll send you the link please let me know. Mark
@@worldwidequickbooks Thanks so much for your reply. The 2nd video about retainage said there are two method for recording the payment of retainage, but only one method (ACH) was shown in the video. The 2nd method was not addressed. Currently having trouble because our check payments go into Undeposited Funds so a deposit slip can be printed and taken to the bank. If I were to follow the 1st method in the video, QBs won't let me us the Undeposited Funds account because it is not a "bank" account.
With Greeting sir I have 1 question that after receiving final payment of retention receivable how it will be calculated as our income and how it will be show in our income of concern customer
You should see the result in this video and make sure you saw the prior video that talks about setting up and charging the attention as part of the contract and then watch this video and see how the story turns out when you bill for the final retention payment It shows the result in the end
And if you dont mind 1 last question how we can register the retention for our subcontractors which will be our liability and we have to pay after work completed
When we receive the retention payment how can we post to Undeposited Funds so that the check can be part of the bank deposit? For some reason, QBs won't let me record it to Undeposited Funds.
@@worldwidequickbooks I have Enterprise Solution Contractors Edition. Our Undeposited Funds has always been an "Other Current Asset" account. QBs will only let me use a "Bank" account. I am open to suggestions. Thank you for your time.
I have followed all of your videos and cannot seem to find an answer to this. Please help! Once a final retention payment has been received, my retention receivable report still shows the retention money owed for that job. I want it to only show "open" retention.
You have to filter the report by clicking in the top left of the report window where it says "customized report" Then go to the filter tab and filter out the transaction type that you do not want to see In The video before this one, in the playlist, you see how to alter and customize the report to create the report in the 1st place. Therefore, customize it again and filter out anything you don't want You could filter by customer or job so that you see just the retention retained its transactions for one particular job Is that what you're looking for?
Hello to all my friends using QuickBooks desktop for their contractor business or construction company.
Now you will see the easiest way to record receiving the final job retention. You can check that the remaining balance of that job’s retention is what you are receiving. This is only 1 way of doing it in QuickBooks. Soon, you will see another option for recording retention/ retainage payment.
I hope you will “like” and subscribe!
-Mark
Thank you very much for doing this video! All your videos for contractors have been very helpful to me!
I'm very glad it helped you
I hope you will remember to click like after watching each one and subscribe
Mark
Thanks 🤗🤗🤗🤗
Happy to help!!
Method 2 of receiving Retention was not included. Method 1 is ACH, but was needing to see Method 2, which I assume was if a check is received....
Thank you but I'm not sure exactly what you're asking for, but I think if you double click in the top right corner of the video, you will see the full playlist and you will see both of the videos that relate to retention and retainage and maybe by watching both of them you will understand the whole context.
Unfortunately I cannot send you the link from the app from my phone where I am right now but if you cannot find it then when I get home in front of the computer I'll send you the link please let me know.
Mark
@@worldwidequickbooks Thanks so much for your reply. The 2nd video about retainage said there are two method for recording the payment of retainage, but only one method (ACH) was shown in the video. The 2nd method was not addressed. Currently having trouble because our check payments go into Undeposited Funds so a deposit slip can be printed and taken to the bank. If I were to follow the 1st method in the video, QBs won't let me us the Undeposited Funds account because it is not a "bank" account.
With Greeting sir I have 1 question that after receiving final payment of retention receivable how it will be calculated as our income and how it will be show in our income of concern customer
You should see the result in this video and make sure you saw the prior video that talks about setting up and charging the attention as part of the contract and then watch this video and see how the story turns out when you bill for the final retention payment
It shows the result in the end
Ahahahha Wow sir thnx a lot i got my point from watching the prieor vedio final rentetion payment invoice thanx for such a knowadge able vedios
And if you dont mind 1 last question how we can register the retention for our subcontractors which will be our liability and we have to pay after work completed
When we receive the retention payment how can we post to Undeposited Funds so that the check can be part of the bank deposit? For some reason, QBs won't let me record it to Undeposited Funds.
You must have the plus version of the software if you do, then tell me what message you're getting when you try to use undeposited funds.
Mark
@@worldwidequickbooks I have Enterprise Solution Contractors Edition. Our Undeposited Funds has always been an "Other Current Asset" account. QBs will only let me use a "Bank" account. I am open to suggestions. Thank you for your time.
I have followed all of your videos and cannot seem to find an answer to this. Please help! Once a final retention payment has been received, my retention receivable report still shows the retention money owed for that job. I want it to only show "open" retention.
You have to filter the report by clicking in the top left of the report window where it says "customized report"
Then go to the filter tab and filter out the transaction type that you do not want to see
In The video before this one, in the playlist, you see how to alter and customize the report to create the report in the 1st place. Therefore, customize it again and filter out anything you don't want
You could filter by customer or job so that you see just the retention retained its transactions for one particular job
Is that what you're looking for?