10% Hold Back

Question

I have a client that we have been billing now for about 1.5 years and they are holding 10% back from invoicing. The way the billing has been done by a previous book keeper was just doing it as a receivable and leaving the amount to go over 91+ days. My question is how do I properly do the invoice showing the 10% hold back and keep track of each lot the customer has from this point on? 
 
 Thank You 
 Amanda T

aberi · Answer

the previous way is correct... ONe way you can keep track is by making two invoices for the customer. The first invoice will be for the 90 % and the second invoice could be the 10% holdback invoice.I would use the following for the invoice number on the 10% holdback invoice. I would use the same number as the one for 90% but add " -10%hldbk after the invoice number . That way you will know if it is the invoice owing or the 10% holdback.

Sage 50 Canada

10% Hold Back

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