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Set up a Retentions Receivable account

To handle retainage, you first need to set up an asset account for your outstanding retentions receivable.

To do this task

  1. Go to the Lists menu and click Chart of Accounts.

  2. Click Account at the bottom of the list and then click New.

  3. Click the Type drop-down list and choose Other Current Asset.

  4. If you use account numbers, enter 1320 in the Number field.

  5. In the Name field, enter Retentions Receivable.

  6. Click OK.

See also

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