Note that a new account is required in default settings – Retention Recouped – Ret Recoup.
In job costing, whenever an Accounts Payable invoice is entered, the transaction is simple (disregard the tax)
•Debit - WIP as per job type properties
•Debit - GST Paid
•Credit - Trade Creditor
Using the following General Ledger accounts as examples
Job Type Properties
•WIP Account
•REV Account
•COS Account
Other General Ledger Accounts
•Trade Creditors - from supplier account group
•Retentions Payable - from GJC defaults for retention
•GST Paid - tax code setting as per system maintenance
•Deferred WIP - from GJC Defaults for retention (only for retentions before tax)