Enable retainage for vendors

Subscription
  • Projects, Module: Project Costing and Billing
  • Accounts Payable (AP)
User type
  • Business user with admin privileges
Permissions
  • List: enables visibility to retainage
  • View, add, edit, and delete: controls who can enable retainage
  1. Go to Accounts Payable > Setup > Configuration.
  2. Scroll down to Accounting settings, and Enable AP Retainage.
  3. From the Accounts Payable retainage dropdown list, select the GL account to credit with the withheld retainage amount when you create a vendor invoice in Purchasing. The non-retainage portion of the invoice uses the Accounts Payable offset account you specify in the Purchasinginvoice transaction definition.
  4. To separate retainage sequence numbers from other sequencing numbers, set unique sequence numbers to use for retainage on the vendor Invoices.
  5. Save your changes.