Enter Opening Retainage Balances

Enter Opening Retainage Balances

Overview

Before you start

To enter opening retainage for contracts, projects, categories, and resources:

1. Open Project and Job Costing > PJC Transactions > Update Retainage.

Click here for help on the fields on the Update Retainage form.

2. Enter general information for the document on the Update Retainage form using the following fields:

Retainage Number. Accept ***New*** in this field to let the program assign a number if you are entering a new document. The program assigns the next number specified on the Options form when you add the document.

To edit an existing document, type its number in the Document Number field, then press the Tab key, or use the Finder or the navigation buttons to select the document.

Status. Accept New as the transaction status when you are adding a new Opening Balances document.

Transaction Date and Year/Period. The program displays the session date as the default transaction date, and the year and period in which the session date falls as the default year and period.

You can accept or change the transaction date, year and period to which to post the transaction, if you want.

Retainage Type. Select one of the following options:

• Opening Retainage Receivable.

• Opening Retainage Payable.

• Invoice Retainage Receivable. This option lets you adjust the retainage receivable for a specified project or category.

• Invoice Retainage Payable. This option lets you adjust the retainage payable for a specified project or category.

3. Click the Details button to open the Detail form.

4. Fill in the detail information, as follows:

Contract / Project / Category. These fields identify the level used to track retainage for the project.

You must identify the contract and project you are updating for each retainage amount.

You specify a category, depending on the retainage type you selected for the transaction, as well as the project type and accounting method:

• If you selected Opening Retainage Payable or Invoice Retainage Payable as the retainage type, you must specify a category.

• If you selected Opening Retainage Receivable or Invoice Retainage Receivable as the retainage type, you must specify a category for:

• A time and materials project.

• A fixed price project that uses a billings and costs or accrual-basis accounting method.

• A cost plus project that uses a billings and costs, accrual-basis, or category percentage complete accounting method.

Original Document Number. Enter the original document number, if any, or enter another useful reference.

Retainage Receivable. This field appears if you selected Opening Retainage Receivable as the retainage type. Enter the opening retainage receivable amount. If Accounts Receivable is multicurrency, specify the amount in the customer currency used in the contract.

Retainage Payable. This field appears if you selected Opening Retainage Payable as the retainage type. Enter the opening retainage payable amount.

Retainage Invoice Amount. This field appears if you selected Invoice Retainage Receivable or Invoice Retainage Payable as the retainage type. Enter the amount by which to adjust the retainage receivable.

Entering a positive amount reduces the retainage receivable or retainage payable; entering a negative amount increases the retainage receivable or retainage payable.

Currency. This field appears only if you selected Opening Retainage Receivable or Invoice Retainage Receivable, and your Accounts Receivable system is multicurrency.

Comment (optional). Use this field to enter a comment to describe the Update Retainage transaction.

5. Click Add to add the current detail.

6. Click New, if you want to add retainage balances for another contract, project, and category.

7. When you have finished adding details, click Close to return to the Update Retainage form.

8. Click Add to add the document.

9. Click Post when you are ready to post the document.

After posting opening retainage balances

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