Retention your accountant can sign off.
Retention sits in its own account, reconciled to the ledger, with the treatment your accountant expects. Bookkeepers switch between client workspaces in one login.
What Retention Track gives an accountant
The retention debtor account
You are the one who has to explain why the debtors ledger does not reconcile. Retention Track takes retention out of trade debtors, gives it its own account and keeps that account reconciled to the ledger.
- Retention debtor account, reconciled
- Credit notes pushed to Xero for you
- Held at practical completion and to the end of defects
The treatment you expect
Retention on construction services falls under the CIS domestic reverse charge: VAT still applies, but the contractor you invoice accounts for it rather than you charging and remitting it. So the money you are waiting on is not carrying a VAT bill you have already paid, and the timing problem that exists in Australia does not arise the same way. What remains is visibility: retention sitting in trade debtors that nobody is tracking.
- Reverse charge retention handled correctly
- Retention visible instead of buried in trade debtors
Every client in one login
Bookkeepers switch between client workspaces without signing out, and each client's retention stays in its own workspace.
- One login across your clients
- Each client's register kept apart
- A history you can hand to anyone
Your accountant signs off. Invite them in.
Your accountant is welcome on the demo. There is no per user fee, so they can stay on after it, and so can the rest of the office.
Main contractors too.
Retention Track tracks retention in both directions. If your client holds retention from their subcontractors rather than having it held from them, main contractor mode is built for that.
Get your retention money back easily.
Set it up once. Ten minutes a week after that.