Sales
The system provides a feature for reserving a retention discount from an invoice or client statement in the construction contractor’s business industry while calculating the discount value from the invoice and deducting it automatically after calculating the tax on the completed work/services.
The entry for the discount value is directed to the “Retention Discount” account within the current assets in the chart of accounts.
How to apply a retention discount on the invoice
- From the main menu, click on “Sales”.
- Select “Create Invoice” from the menu.
- Fill in the basic invoice details as required.
- For more details, please refer to the explanatory guide “Creating Sales Invoice”.
- In the “Discount and Adjustment” section, enter the discount percentage in the “Percentage” field.
- Click on the “Calculate Retention” button.
- The system will automatically calculate the retention discount value and deduct it from the invoice after calculating the tax.