When the contract has been finalised and the warranty period has expired you are in a position to raise an invoice for the value of the retainer. At this stage you will also need to assign the applicable tax/GST code. In this example, you will need to create an invoice for the value of the retainer as follows:
Once the transaction is recorded the relevant income, GST and trade debtors is updated accordingly.
When the payment is received enter the Receive Payment to close the invoice. |