Hi
Please advise how we deal with VAT when a customer deducts a retainer from our Invoice. The retainer is held for 12 months, we then request payment.
Regards
Bob Ward
Hello Bob,
You will need to reduce the balance of the invoice by the retainer amount. You can do this by adding an extra invoice line with a negative amount, or create a credit note and allocate it to the invoice as described here:
http://www.solaraccounts.co.uk/help/how-to-allocate-a-credit-note.php
Finally, record a second invoice for the retainer amount.
Regards,