Use this screen to post subcontract PO retention amounts to the general ledger as a liability. You can also use this screen to progress-bill customers for retention on completed work and stored materials if the Billable checkbox is selected.
The application will create a self-reversing journal entry to accrue amounts against the subcontract PO lines' project/account/org. If there are multiple account distribution rows for the PO line, the amounts will be distributed according to the allocation percentages specified in the Enter POs screen in Costpoint Purchasing. They will be automatically reversed when the next Reversal Adjusting posting for the next subperiod or the first subperiod of the next accounting period occurs.
The retention amounts will also be credited against a Retentions Payable account/org that is established in the Purchase Order Accrual Settings screen (under the General Ledger Controls menu). You can also use this screen to credit the retention accrual liability to the organization associated with each PO line (instead of a specific organization), in which case the system will perform validations to ensure that valid retention account/org combinations exist.
You can run the accrual process multiple times in a given subperiod/period. Multiple accrual journal entry transactions across subperiod/periods can be open at the same time. Only one user at a time can run this process.
Use this group box to select the fiscal year/period/subperiod for which these retention amounts (for completed work and stored materials) are to be accumulated when the process is executed. The system will confirm that the period is open and available for Adjusting Journal Entries (AJE) transactions. FY, Period, and Subperiod values default in from User defaults in the Enter JEs screen in Costpoint General Ledger.
Enter, or select from the drop-down box, an open fiscal year for this accrual process. This will determine the accounting period in which this subcontract purchase order accrual will be posted.
Enter, or select from the drop-down box, an open period for this accrual process. The period selected must be open for the Fiscal Year selected. This will determine the accounting period in which this subcontract purchase order accrual will be posted.
Enter, or select from the drop-down box, an open subperiod for this accrual process. The subperiod selected must be open for the Fiscal Year and Period selected. This will determine the subperiod in which this subcontract purchase order accrual will be posted.
To have the system automatically assign the next available journal entry number, tab through this field. When you save the entry, the system will use the next available journal entry number. If you want to manually assign the journal entry number, enter the desired number in this nine-character numeric field. Once you have manually entered a number and created the JE accrual, the system will start automatically numbering from the last number used (the journal entry number used for creating this entry).
Select this checkbox to progress-bill customers for these retentions for completed work and stored materials. If this option is selected, the journal entry will be marked for inclusion in the open billings table. The Post JEs screen will then copy this journal entry transaction to the Open Billing Detail table.
This journal entry will be posted to the proper project/account/org, but will be reversed during the next Reversal Adjusting journal entry posting for the next subperiod or the first subperiod of the next period (if it is the last period of the fiscal year, the fiscal year will be incremented as well). This subsequent posting of fiscal year/period/subperiod information is stored as a row in the Reverse Journal Entry (JE_RVRS) table when the accrual process is run.
Select this button on the toolbar to print a trial run report (without processing the journal entry) of the subcontract PO retention accruals that will be posted for the selected fiscal year/period/subperiod.
Select this button on the toolbar to execute the actual accrual process. No printout will be provided. The system will generate a journal entry for the retention amounts in all subcontract PO lines based on the status update transactions dated within or earlier than the selected fiscal year/period/subperiod. Subcontract POs with a status of "Void" or "Pending" will be excluded from the calculations.
Select this button on the toolbar to execute the actual accrual process (as described in the Process section above), and create and print the processed journal entry.