Release Retainage

Release the retainage amount withheld on customer AR sales invoices or AP supplier invoices by creating a release retainage batch. This task creates one invoice per currency for each customer, in the amount of released retainage. If your company operates in multiple currencies, creating a release batch generates one invoice per currency for each customer, in the amount of the released retainage.

Requirements to configure retainage
Prerequisites Before you can enable retainage features, you must first configure:
  • Accounts Payable (AP)
  • Accounts Receivable (AR)
  • Cash Management
  • General Ledger (GL)
  • Order Entry (OE)
  • Projects
  • Purchasing
Restrictions
  • You cannot enable a Contracts and Construction subscription together on the same company.
  • Configure Construction-enabled companies with the accrual only accounting method.
  • The Construction subscription enables the project, task, and cost type dimensions. While use is optional, you can't disable these dimensions.
Subscription
  • Construction
  • Projects, Module: Project Costing and Billing
User Type
  • Business
  • Project Manager
  • Construction Manager
Permissions

Retainage permissions:

  • Accounts Receivable release retainage: release retainage on customer AR sales invoices
  • Accounts Payable release retainage: release retainage on supplier AP supplier invoices
  1. Go to:
    • Projects > All > Retainage
    • Accounts Receivable > All > Retainage
    • Accounts Payable > All > Retainage
  2. To create a new release batch, select Add.
  3. Enter dates:
    • If your configuration allows override of General Ledger posting, you can specify the GL posting date in addition to the release date.
    • If you cannot override GL posting, the release date is the GL posting date.
  4. Enter a description that describes this retainage release batch.
  5. Select Save and Continue.

  6. To select lines for the release batch, select Add. To delete, select the lines and select Remove.

  7. Filter the list and select the ones that you want to add.

  8. When you’re done selecting lines from invoices, select Done.
  9. Specify how much of the retainage that you want to release:
    • Enter a specific retainage amount for a specific line in the Amount to release column.
    • Select one or more lines and select Set release percentage to apply a total release percentage to all selected lines.

      • If you've already released 25 percent of the retainage, and now you’re ready to release another 25 percent, enter the total retainage percentage to release (50 percent).

  10. Save a draft of your work or release the retainage for the batch.

    After you release retainage, you cannot edit the retainage release batch. Releasing retainage creates one invoice per customer and currency in Accounts Receivable or one AP supplier invoice per supplier and currency in Accounts Payable.
  1. Go to:
    • Projects > All > Retainage
    • Accounts Receivable > All > Retainage
    • Accounts Payable > All > Retainage
  2. Select +Create to create a new release batch.
  3. Enter dates:
    • If your configuration allows override of General Ledger posting, you can specify the GL posting date in addition to the release date.
    • If you cannot override GL posting, the release date is the GL posting date.
  4. Enter a description that describes this retainage release batch.
  5. Select Save and Continue.

  6. To select lines for the release batch, select Add. To delete, select the lines and select Remove.

  7. Filter the list and select the ones that you want to add.

  8. When you’re done selecting lines from invoices, select Done.
  9. Specify how much of the retainage that you want to release:
    • Enter a specific retainage amount for a specific line in the Amount to release column.
    • Select one or more lines and select Set release percentage to apply a total release percentage to all selected lines.

      • If you've already released 25 percent of the retainage, and now you’re ready to release another 25 percent, enter the total retainage percentage to release (50 percent).

  10. Select Save as draft or Release retainage.

    After you release retainage, you cannot edit the retainage release batch. Releasing retainage creates one invoice per customer and currency in Accounts Receivable or one AP supplier invoice per supplier and currency in Accounts Payable.