Click this button to open a Detail screen where you can enter information for details.
Enter a description for the transaction.
Enter a reference for the transaction.
To select an existing transaction, enter its number. When entering a new transaction, accept ***NEW*** to allow the program to assign a unique number to the transaction (based on settings on the PJC Options screen).
Specify one of the following:
- Opening Retainage Receivable
- Opening Retainage Payable
- Invoice Retainage Receivable
- Invoice Retainage Payable
Transactions can have the following statuses:
- New. When you are entering a new transaction, accept this default status.
- Entered. When you add a transaction, its status changes from New to Entered.
- Approved. When you finish entering information for a transaction, you can change its status to Approved, indicating that it can be posted.
- Posted. When you post a transaction, its status changes to Posted.
Enter the date when you are processing the transaction. (The session date is used by default, but you can change it.)
Note: Depending on the Default Posting Date setting on the Transactions tab of the PJC Options screen, the date in this field may be used as the default posting date.
This field displays the year and period that contains the posting date. The posting date is set by default as either the session date or the transaction date, depending on the Default Posting Date setting on the Transactions tab of the PJC Options screen.
You can change the default posting date using the Posting Date Override screen, which you open by clicking Posting Date Override on the menu beside the Year/Period field.
Specify a category to update, 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.
Enter a comment for the detail.
Specify the contract to update.
This field appears only if you selected Opening Retainage Receivable or Invoice Retainage Receivable as the retainage type, and your Accounts Receivable system is multicurrency.
Line numbers are assigned automatically, and you cannot change them.
You use line numbers to identify details you have entered.
Enter the original document number, if any, or enter another useful reference.
Specify the project to update.
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.
This field appears if you selected Opening Retainage Payable as the retainage type.
Enter the opening retainage payable amount.
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.
Overview
If you use retainage accounting, you use the PJC Update Retainage screen to:
- Enter opening retainage balances for contracts you are transferring to Sage 300 Project and Job Costing from another job-costing system.
- Update the retainage payable or retainage receivable for each contract, project, and category. The specifics vary depending on the retainage type, project type, and accounting method. More...
Posting update retainage transactions does not produce related General Ledger entries, or update retainage amounts in Accounts Payable or Accounts Receivable.