Process Outstanding Retainage
To create a batch of retainage documents:
- Open Accounts Payable > Periodic Processing > Create Retainage Batch.
Click here for help on the fields on the Create Retainage Batch form.
- Specify the Run Date for this retainage batch.
- Specify the types of original retainage documents for which you are now processing outstanding retainage.
- Choose the type of record by which to select outstanding retainage for processing, then enter the range of records from which to select outstanding retainage.
- In the Number Of Days In Advance field, specify the number of days in advance of the retainage due date that retainage documents can be created.
- Click Process to create the batch.
Accounts Payable updates the Last Invoiced field on the Retainage tab of the A/P Options form.
After
generating a retainage batch
- Use the Invoice Entry form to make any changes to the retainage invoices, debit notes, and credit notes.
- Print a listing
of the batch, verify the information, then file the listing. If you need
to make corrections, reprint the listing after editing the batch.
Choose Batch Listings from the Transaction Reports folder, and select Retainage as the batch type.
- Select the Ready To Post option for the batch on the Invoice Batch List form.
- Post retainage batches using the Invoice Batch List or the Post Batches form.
Additional
information
- You can process individual invoices for outstanding retainage using the Invoice Entry form. Select Retainage Invoice as the document type.
- If you assign a schedule that uses a reminder on the Retainage tab of the A/P Options form, Accounts Payable reminds you and other users to process retainage transactions when they are due. You can then process the retainage transactions directly from the Reminder List in Common Services, rather than from the Create Retainage Batch form.
- Accounts Payable assigns the next available invoice, credit note, or debit note number when you post a retainage document. If you use separate numbering for retainage documents, the program assigns the next retainage invoice, retainage credit note, or retainage debit note number.