Updating Retainage

The Update Retainage form, available in the PJC Transactions folder, lets you enter opening retainage balances for contracts you transfer to Project and Job Costing from another job-costing system.

The Update Retainage form also lets you adjust the retainage receivable or retainage payable in Project and Job Costing.

When converting from Sage ERP Accpac Plus, for example, outstanding retainage payable and outstanding retainage receivable are converted to open invoices in Sage ERP Accpac. Because job information is not included on these invoices, posting them in Sage ERP Accpac does not update Project and Job Costing.

Update Retainage provides the means to record the retainage receivable or retainage payable that is not passed to Project and Job Costing when you post the open invoice.

When entering an Update Retainage document, you add retainage balances at the same level retainage is tracked for the particular project type and accounting method. For example, for a fixed price project that uses a completed project accounting method, you enter retainage balances only for the project. For a fixed price project that uses the billings and costs accounting method, you enter retainage balances at the project category level.

Note that the program does not produce General Ledger entries for posted Update Retainage transactions, nor does it update retainage amounts in Accounts Receivable and Accounts Payable.

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