Updating Opening Retainage Balances
If you use retainage accounting in your Sage ERP Accpac accounting system, the Update Retainage form lets you enter opening retainage balances for contracts you are transferring 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.
Note that the program does not produce General Ledger entries for posted update retainage transactions, nor does it update retainage amounts in Accounts Receivable or Accounts Payable. However, the Transaction History form displays update retainage transactions posted to a specified project category or resource category. (The default prefix used for update retainage transaction numbers is "UC.") You can also view the retainage receivable or retainage payable amounts in the Contract Maintenance form.
To enter opening retainage amounts
Posting Update Retainage Transactions
When you post Update Retainage transactions, the program updates retainage
receivable or retainage payable for each contract, project, and category,
depending on the retainage type, project
type, and accounting method.
The program updates retainage receivable as follows when you post a Invoice Retainage Receivable or Opening Retainage Receivable transaction for the following project types and accounting methods:
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Time and Materials. The program updates the retainage receivable for the project and category.
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Fixed Price. The program updates the retainage receivable for the project, and, if the project uses a Billings and Costs or Accrual-Basis accounting method, updates the retainage receivable for the category.
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Cost Plus. If the project uses a Completed Project, Total Cost Percentage Complete, or Labor Hours Percentage Complete accounting method, the program updates the retainage receivable for the project.
For cost plus projects that use a Billings and Costs, Accrual-Basis, or Category Percentage Complete the accounting method, the program updates the retainage receivable for both project and category.
When you post an Opening Retainage Payable or Invoice Retainage Payable transaction, the program updates the retainage payable for the specified projects and categories, regardless of the project type and associated accounting method.
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