If the work is completed on time and in a satisfactory condition, the contractor will be entitled to receive the retainer withheld. To determine the amount that has been withheld, produce the Purchases (Item Summary) report. Set the filters to the Retainer Withheld item only. Set the Purchase Status to All Bills and select the relevant date range.
Create the final Bill to record the final payment and the subsequent return of the retainer withheld determined above, in other words this is added as a positive value as shown in the example below. Settle the account through either the Paid Today field or the Pay Bills function.
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|The retainer withheld is added to the final payment as a positive value. This will also result in the retainer account being cleared. |