{"id":1596,"date":"2020-09-23T14:32:02","date_gmt":"2020-09-23T05:02:02","guid":{"rendered":"https:\/\/help.interfy.com.au\/?post_type=ht_kb&#038;p=1596"},"modified":"2022-03-28T15:02:09","modified_gmt":"2022-03-28T04:32:09","slug":"how-to-set-up-retention-in-onecore-xero","status":"publish","type":"ht_kb","link":"https:\/\/help.interfy.com.au\/index.php\/knowledge-base\/how-to-set-up-retention-in-onecore-xero\/","title":{"rendered":"How to Set Up Retention in OneCore Xero?"},"content":{"rendered":"<p>1. In Xero, create a liability account for expense retention, and an asset account for revenue retention. To do this, go to <strong>Accounting \u2192 Chart of accounts \u2192 Add Account \u2192 Fill in details \u2192 Save<\/strong>.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" width=\"295\" height=\"760\" class=\"wp-image-1598\" src=\"https:\/\/help.interfy.com.au\/wp-content\/uploads\/2020\/09\/a-screenshot-of-a-cell-phone-description-automati-8.png\" alt=\"A screenshot of a cell phone\n\nDescription automatically generated\" srcset=\"https:\/\/help.interfy.com.au\/wp-content\/uploads\/2020\/09\/a-screenshot-of-a-cell-phone-description-automati-8.png 295w, https:\/\/help.interfy.com.au\/wp-content\/uploads\/2020\/09\/a-screenshot-of-a-cell-phone-description-automati-8-116x300.png 116w, https:\/\/help.interfy.com.au\/wp-content\/uploads\/2020\/09\/a-screenshot-of-a-cell-phone-description-automati-8-19x50.png 19w, https:\/\/help.interfy.com.au\/wp-content\/uploads\/2020\/09\/a-screenshot-of-a-cell-phone-description-automati-8-23x60.png 23w, https:\/\/help.interfy.com.au\/wp-content\/uploads\/2020\/09\/a-screenshot-of-a-cell-phone-description-automati-8-39x100.png 39w\" sizes=\"auto, (max-width: 295px) 100vw, 295px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" width=\"737\" height=\"577\" class=\"wp-image-1599\" src=\"https:\/\/help.interfy.com.au\/wp-content\/uploads\/2020\/09\/word-image-96.png\" srcset=\"https:\/\/help.interfy.com.au\/wp-content\/uploads\/2020\/09\/word-image-96.png 737w, https:\/\/help.interfy.com.au\/wp-content\/uploads\/2020\/09\/word-image-96-300x235.png 300w, https:\/\/help.interfy.com.au\/wp-content\/uploads\/2020\/09\/word-image-96-50x39.png 50w, https:\/\/help.interfy.com.au\/wp-content\/uploads\/2020\/09\/word-image-96-60x47.png 60w, https:\/\/help.interfy.com.au\/wp-content\/uploads\/2020\/09\/word-image-96-100x78.png 100w\" sizes=\"auto, (max-width: 737px) 100vw, 737px\" \/><\/p>\n<hr \/>\n<p>2. On your OneCore dashboard, navigate to <strong>Standard Cost Codes \u2192 General Settings<\/strong> <strong>\u2192 Refresh Standard Cost Codes and Accounts<\/strong>, refresh your accounts.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" width=\"224\" height=\"165\" class=\"wp-image-1600\" src=\"https:\/\/help.interfy.com.au\/wp-content\/uploads\/2020\/09\/a-screen-shot-of-a-computer-description-automatic.png\" alt=\"A screen shot of a computer\n\nDescription automatically generated\" srcset=\"https:\/\/help.interfy.com.au\/wp-content\/uploads\/2020\/09\/a-screen-shot-of-a-computer-description-automatic.png 224w, https:\/\/help.interfy.com.au\/wp-content\/uploads\/2020\/09\/a-screen-shot-of-a-computer-description-automatic-50x37.png 50w, https:\/\/help.interfy.com.au\/wp-content\/uploads\/2020\/09\/a-screen-shot-of-a-computer-description-automatic-60x44.png 60w, https:\/\/help.interfy.com.au\/wp-content\/uploads\/2020\/09\/a-screen-shot-of-a-computer-description-automatic-100x74.png 100w\" sizes=\"auto, (max-width: 224px) 100vw, 224px\" \/><\/p>\n<hr \/>\n<p>3. Next, go to <strong>Retention \u2192 General Settings<\/strong>.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" width=\"230\" height=\"126\" class=\"wp-image-1601\" src=\"https:\/\/help.interfy.com.au\/wp-content\/uploads\/2020\/09\/a-picture-containing-monitor-screen-meter-holdi.png\" alt=\"A picture containing monitor, screen, meter, holding\n\nDescription automatically generated\" srcset=\"https:\/\/help.interfy.com.au\/wp-content\/uploads\/2020\/09\/a-picture-containing-monitor-screen-meter-holdi.png 230w, https:\/\/help.interfy.com.au\/wp-content\/uploads\/2020\/09\/a-picture-containing-monitor-screen-meter-holdi-50x27.png 50w, https:\/\/help.interfy.com.au\/wp-content\/uploads\/2020\/09\/a-picture-containing-monitor-screen-meter-holdi-60x33.png 60w, https:\/\/help.interfy.com.au\/wp-content\/uploads\/2020\/09\/a-picture-containing-monitor-screen-meter-holdi-100x55.png 100w\" sizes=\"auto, (max-width: 230px) 100vw, 230px\" \/><\/p>\n<hr \/>\n<p>4. Assign an asset and liability account.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" width=\"733\" height=\"103\" class=\"wp-image-1602\" src=\"https:\/\/help.interfy.com.au\/wp-content\/uploads\/2020\/09\/word-image-97.png\" srcset=\"https:\/\/help.interfy.com.au\/wp-content\/uploads\/2020\/09\/word-image-97.png 733w, https:\/\/help.interfy.com.au\/wp-content\/uploads\/2020\/09\/word-image-97-300x42.png 300w, https:\/\/help.interfy.com.au\/wp-content\/uploads\/2020\/09\/word-image-97-50x7.png 50w, https:\/\/help.interfy.com.au\/wp-content\/uploads\/2020\/09\/word-image-97-60x8.png 60w, https:\/\/help.interfy.com.au\/wp-content\/uploads\/2020\/09\/word-image-97-100x14.png 100w\" sizes=\"auto, (max-width: 733px) 100vw, 733px\" \/><\/p>\n<hr \/>\n<p>5. Set the retention type for both expense and revenue are set to Line Item Retention Type. Save Changes.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" width=\"805\" height=\"120\" class=\"wp-image-1603\" src=\"https:\/\/help.interfy.com.au\/wp-content\/uploads\/2020\/09\/word-image-98.png\" srcset=\"https:\/\/help.interfy.com.au\/wp-content\/uploads\/2020\/09\/word-image-98.png 805w, https:\/\/help.interfy.com.au\/wp-content\/uploads\/2020\/09\/word-image-98-300x45.png 300w, https:\/\/help.interfy.com.au\/wp-content\/uploads\/2020\/09\/word-image-98-768x114.png 768w, https:\/\/help.interfy.com.au\/wp-content\/uploads\/2020\/09\/word-image-98-50x7.png 50w, https:\/\/help.interfy.com.au\/wp-content\/uploads\/2020\/09\/word-image-98-60x9.png 60w, https:\/\/help.interfy.com.au\/wp-content\/uploads\/2020\/09\/word-image-98-100x15.png 100w\" sizes=\"auto, (max-width: 805px) 100vw, 805px\" \/><\/p>\n\n\n<p>6. Retention can be shown as a separate line item on the invoices\/bills in Xero. The retention amount can be shown under each line item or consolidated.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"940\" height=\"120\" src=\"https:\/\/wpstaq-ap-southeast-2-media.s3.amazonaws.com\/help-interfy\/wp-content\/uploads\/media\/2022\/03\/image.png\" alt=\"\" class=\"wp-image-2092\" srcset=\"https:\/\/help.interfy.com.au\/wp-content\/uploads\/2022\/03\/image.png 940w, https:\/\/help.interfy.com.au\/wp-content\/uploads\/2022\/03\/image-300x38.png 300w, https:\/\/help.interfy.com.au\/wp-content\/uploads\/2022\/03\/image-768x98.png 768w, https:\/\/help.interfy.com.au\/wp-content\/uploads\/2022\/03\/image-50x6.png 50w, https:\/\/help.interfy.com.au\/wp-content\/uploads\/2022\/03\/image-60x8.png 60w, https:\/\/help.interfy.com.au\/wp-content\/uploads\/2022\/03\/image-100x13.png 100w\" sizes=\"auto, (max-width: 940px) 100vw, 940px\" \/><\/figure>\n\n\n\n<p><strong>Retention as Separate Line Item<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"620\" src=\"https:\/\/wpstaq-ap-southeast-2-media.s3.amazonaws.com\/help-interfy\/wp-content\/uploads\/media\/2022\/03\/image-1-1024x620.png\" alt=\"\" class=\"wp-image-2093\" srcset=\"https:\/\/help.interfy.com.au\/wp-content\/uploads\/2022\/03\/image-1-1024x620.png 1024w, https:\/\/help.interfy.com.au\/wp-content\/uploads\/2022\/03\/image-1-300x182.png 300w, https:\/\/help.interfy.com.au\/wp-content\/uploads\/2022\/03\/image-1-768x465.png 768w, https:\/\/help.interfy.com.au\/wp-content\/uploads\/2022\/03\/image-1-50x30.png 50w, https:\/\/help.interfy.com.au\/wp-content\/uploads\/2022\/03\/image-1-60x36.png 60w, https:\/\/help.interfy.com.au\/wp-content\/uploads\/2022\/03\/image-1-100x61.png 100w, https:\/\/help.interfy.com.au\/wp-content\/uploads\/2022\/03\/image-1.png 1036w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"842\" height=\"923\" src=\"https:\/\/wpstaq-ap-southeast-2-media.s3.amazonaws.com\/help-interfy\/wp-content\/uploads\/media\/2022\/03\/image-2.png\" alt=\"\" class=\"wp-image-2094\" srcset=\"https:\/\/help.interfy.com.au\/wp-content\/uploads\/2022\/03\/image-2.png 842w, https:\/\/help.interfy.com.au\/wp-content\/uploads\/2022\/03\/image-2-274x300.png 274w, https:\/\/help.interfy.com.au\/wp-content\/uploads\/2022\/03\/image-2-768x842.png 768w, https:\/\/help.interfy.com.au\/wp-content\/uploads\/2022\/03\/image-2-46x50.png 46w, https:\/\/help.interfy.com.au\/wp-content\/uploads\/2022\/03\/image-2-55x60.png 55w, https:\/\/help.interfy.com.au\/wp-content\/uploads\/2022\/03\/image-2-91x100.png 91w\" sizes=\"auto, (max-width: 842px) 100vw, 842px\" \/><\/figure>\n\n\n\n<p><strong>Retention \u2013 Consolidated Line Item<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"940\" height=\"447\" src=\"https:\/\/wpstaq-ap-southeast-2-media.s3.amazonaws.com\/help-interfy\/wp-content\/uploads\/media\/2022\/03\/image-3.png\" alt=\"\" class=\"wp-image-2095\" srcset=\"https:\/\/help.interfy.com.au\/wp-content\/uploads\/2022\/03\/image-3.png 940w, https:\/\/help.interfy.com.au\/wp-content\/uploads\/2022\/03\/image-3-300x143.png 300w, https:\/\/help.interfy.com.au\/wp-content\/uploads\/2022\/03\/image-3-768x365.png 768w, https:\/\/help.interfy.com.au\/wp-content\/uploads\/2022\/03\/image-3-50x24.png 50w, https:\/\/help.interfy.com.au\/wp-content\/uploads\/2022\/03\/image-3-60x29.png 60w, https:\/\/help.interfy.com.au\/wp-content\/uploads\/2022\/03\/image-3-100x48.png 100w\" sizes=\"auto, (max-width: 940px) 100vw, 940px\" \/><\/figure>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"940\" height=\"902\" src=\"https:\/\/wpstaq-ap-southeast-2-media.s3.amazonaws.com\/help-interfy\/wp-content\/uploads\/media\/2022\/03\/image-4.png\" alt=\"\" class=\"wp-image-2096\" srcset=\"https:\/\/help.interfy.com.au\/wp-content\/uploads\/2022\/03\/image-4.png 940w, https:\/\/help.interfy.com.au\/wp-content\/uploads\/2022\/03\/image-4-300x288.png 300w, https:\/\/help.interfy.com.au\/wp-content\/uploads\/2022\/03\/image-4-768x737.png 768w, https:\/\/help.interfy.com.au\/wp-content\/uploads\/2022\/03\/image-4-50x48.png 50w, https:\/\/help.interfy.com.au\/wp-content\/uploads\/2022\/03\/image-4-60x58.png 60w, https:\/\/help.interfy.com.au\/wp-content\/uploads\/2022\/03\/image-4-100x96.png 100w\" sizes=\"auto, (max-width: 940px) 100vw, 940px\" \/><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>1. In Xero, create a liability account for expense retention, and an asset account for revenue retention. To do this, go to Accounting \u2192 Chart of accounts \u2192 Add Account \u2192 Fill in details \u2192 Save. 2. On your OneCore dashboard, navigate to Standard Cost Codes \u2192 General Settings \u2192&#8230;<\/p>\n","protected":false},"author":9,"comment_status":"closed","ping_status":"closed","template":"","format":"standard","meta":{"footnotes":""},"ht-kb-category":[32],"ht-kb-tag":[],"class_list":["post-1596","ht_kb","type-ht_kb","status-publish","format-standard","hentry","ht_kb_category-onboarding-xero"],"_links":{"self":[{"href":"https:\/\/help.interfy.com.au\/index.php\/wp-json\/wp\/v2\/ht-kb\/1596","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/help.interfy.com.au\/index.php\/wp-json\/wp\/v2\/ht-kb"}],"about":[{"href":"https:\/\/help.interfy.com.au\/index.php\/wp-json\/wp\/v2\/types\/ht_kb"}],"author":[{"embeddable":true,"href":"https:\/\/help.interfy.com.au\/index.php\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/help.interfy.com.au\/index.php\/wp-json\/wp\/v2\/comments?post=1596"}],"version-history":[{"count":3,"href":"https:\/\/help.interfy.com.au\/index.php\/wp-json\/wp\/v2\/ht-kb\/1596\/revisions"}],"predecessor-version":[{"id":2097,"href":"https:\/\/help.interfy.com.au\/index.php\/wp-json\/wp\/v2\/ht-kb\/1596\/revisions\/2097"}],"wp:attachment":[{"href":"https:\/\/help.interfy.com.au\/index.php\/wp-json\/wp\/v2\/media?parent=1596"}],"wp:term":[{"taxonomy":"ht_kb_category","embeddable":true,"href":"https:\/\/help.interfy.com.au\/index.php\/wp-json\/wp\/v2\/ht-kb-category?post=1596"},{"taxonomy":"ht_kb_tag","embeddable":true,"href":"https:\/\/help.interfy.com.au\/index.php\/wp-json\/wp\/v2\/ht-kb-tag?post=1596"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}