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  1. Sales Invoices - Ability to specify a % of invoice held on retention

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    5 comments  ·  For small businesses » Accounting features  ·  Admin →
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    submitted  ·  AdminKelly Munro (Community Manager, Xero) responded

    Hi Anthea, would a credit note suffice here? That way you could record the payment against the contact and when payment is due back to the client you could apply a refund to it. 

    Alternatively, you could look into Prepayments as a way to keep track of these payments, too. 

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    Admin Admin commented  · 

    Hi, we have the same problem as all companies within the construction sector that use Xero. Some projects can run for over 2 years or even longer and every month we suffer retention money on sales invoices which we record under the Retention Held account, but... the main problem is that Xero can't calculate the lump sum amount for retention held under the specific project (if we have more jobs from one main contractor-client) for the whole period which would be due 12 months after practical job completion only, so we need to calculate every invoice manually for every job separately. Also, it could flag/notify that retention is due soon. Plus it's not taxed correctly if the job is continued for a few years. It's a critical overseen by the Xero team.

    Admin Admin supported this idea  ·