Processing Outstanding Retainage

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About Posting Batches

About Processing Retainage in Accounts Payable

A/P Create Retainage Batch Screen

Use the A/P Create Retainage Batch screen periodically to process outstanding retainage automatically for the vendors, document numbers, or vendor groups you select.

Notes:
  • You can also process individual invoices for outstanding retainage using the Invoice Entry screen.
  • Accounts Payable can remind you and other users to process retainage transactions when they are due. If you assign a schedule that uses a reminder on the Retainage tab of the A/P Options screen, you can process retainage directly from the Reminder List in Common Services.
  • Taxes are calculated only on original documents. They do not appear for retainage documents.
  • Print and review the A/P Aged Retainage report. For more information, see Printing the Aged Retainage Report.

  • On the A/P Options screen:

    • Set the option to use retainage accounting on the Processing tab.
    • Specify default retainage settings for vendors on the Retainage tab.

    For more information, see A/P Options Screen.

  • Specify a retainage control account for each account set in your Accounts Payable system. For more information, see A/P Account Sets Screen.

To create a batch of retainage documents:

  1. Open Accounts Payable > A/P Periodic Processing > Create Retainage Batch.

  2. Specify the Run Date for this retainage batch.
  3. Specify the types of original retainage documents for which you are now processing outstanding retainage.
  4. Choose the type of record by which to select outstanding retainage for processing, then enter the range of records from which to select outstanding retainage.
  5. In the Number of Days in Advance field, specify the number of days in advance of the retainage due date that retainage documents can be created.

  6. Click Process to create the batch.

    Accounts Payable generates the required retainage invoices, retainage debit notes, and retainage credit notes, and updates the Last Invoiced field on the Retainage tab of the A/P Options screen.

  1. Use the A/P Invoice Entry screen to make any changes to the retainage invoices, debit notes, and credit notes.
  2. Print a batch listing (selecting Retainage as the batch type) listing of the batch. For more information, see Printing Batch Listings.

  3. Verify the information, then file the listing.

    Note: If you need to make corrections, reprint the listing after editing the batch.

  4. Select the Ready To Post option for the batch on the A/P Invoice Batch List screen.

  5. Post retainage batches using the Invoice Batch List or the Post Batches screen.

    Accounts Payable assigns the next available invoice, credit note, or debit note number when you post a retainage document. If you use separate numbering for retainage documents, the program assigns the next retainage invoice, retainage credit note, or retainage debit note number.