Use this screen to post subcontract purchase order 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 you select the Billable checkbox in the Generate block of this screen.
The application will create a self-reversing journal entry to accrue amounts against the subcontract purchase order lines' project/account/organization. If there are multiple account distribution rows for the purchase order line, the amounts will be distributed according to the allocation percentages specified in the Enter Purchase Orders screen (Materials\Transactions\Purchase Orders). They will be automatically reversed when the next Reversal Adjusting posting for the next subperiod occurs, or during the first subperiod of the next accounting period.
The retention amounts will also be credited against a Retentions Payable account/organization that is established in the PO Accrual Settings screen (Administration\Configure\Accounting). The PO Accrual Settings screen provides the option to have the retention accrual liability credited to the organization associated with each purchase order line (instead of a specific organization), in which case, the system will perform validations to ensure that valid retention account/organization combinations exist.
You can execute the accrual process multiple times in a given subperiod/period, and multiple accrual journal entry transactions across subperiods/periods can be open simultaneously.
Only one user at a time can execute this process.
After you have entered your selection criteria, you can select the Preview Default Report icon to print a copy of the purchase order retention accruals to your screen. This allows you to review the data to ensure its accuracy, thus verifying the content based on your selection criteria. You can select the Print Default Report icon to send the data to a printer.
You must initialize the Fiscal Years, Accounting Periods, and Subperiods screens before creating subcontract purchase order retention accruals in this application.
Use the fields in this block to create a new parameter ID or to retrieve a previously saved parameter ID. A parameter ID represents a set of screen selection parameters. Once you have saved a parameter ID and its related parameters, you can retrieve them using Query.
You can use the retrieved parameters to produce reports and run processes more efficiently and with greater consistency. Many users save a unique set of parameters for each different way they run a report or process. If you select a previously saved parameter ID or parameter description, the associated saved screen selection parameters will automatically display as selection defaults. You can change any of the associated selection defaults as necessary.
Enter, or use Query to select, a parameter ID of up to 15 alphanumeric characters. You should choose characters for your parameter ID that help identify the type of selections you made in the screen, such as “PERIOD” or “QUARTERLY.”
When you save your record, all the selections made in the screen are stored with the parameter ID. Later, you can retrieve the parameter using Query.
You can use the parameter to produce reports and run processes more efficiently because you can select the parameter ID with its previously defined screen selections. Once the default selections display in the screen, you can override the defaults as necessary.
Enter, or use Query to select, a parameter description of up to 30 alphanumeric characters.
Accrual Period
This non-editable field displays the selection range option.
One - This option represents only one record.
Enter, or use Lookup to select, an open fiscal year for this subcontract purchase order retention accrual.
The data in the Lookup originates from the Fiscal Years screen.
Your selection will determine the fiscal year in which this subcontract purchase order retention accrual will be posted.
Enter, or use Lookup to select, an open period for this subcontract purchase order retention accrual. This period must be open for the fiscal year you selected.
The data in the Lookup originates from the Accounting Periods screen.
Your selection will determine the accounting period in which this subcontract purchase order retention accrual will be posted.
Enter, or use Lookup to select, an open subperiod for this subcontract purchase order retention accrual. This subperiod must be open for the fiscal year and period you selected.
The data in the Lookup originates from the Subperiods screen.
Your selection will determine the subperiod in which this subcontract purchase order retention accrual will be posted.
This non-editable field represents the ending date.
This date is determined based on the data you entered in the Fiscal Year, Period, and Subperiod fields.
Enter up to 10 numeric characters to designate the starting journal entry number.
The journal entry number represents the actual entry of this record data in the General Ledger.
If you want the system to assign the journal entry number automatically, you must tab through this field. After you save this record, the system will use the next available journal entry number.
If you choose to manually enter a journal entry number in this field, the system will start automatically numbering each subsequent record based on the last number entered in this field.
Delete Existing Unposted Accrual
Select this checkbox to remove unposted accrual amounts, based on the Fiscal Year, Period, and Subperiod you selected.
Records associated with the deletion of unposted accrual amounts will not display in the General Ledger.
Create Additional JE to Change Posted Accrual
Select this checkbox to document modifications to a posted purchase order retention accrual.
Any modifications will result in an additional entry in the General Ledger.
Select this checkbox to include retention accruals from entry in the Open Billing Detail screen (Projects\Maintain\Billing).
* A red asterisk denotes a required field.
Changes to this screen update the JE_HDR (Journal Entry Header), JE_TRN (Journal Entry Transaction), JE_RVRS (Journal Entry Reverse), RET_ACCRL_LOG (Retention Accrual Log), RET_ACCRL_SUM (Retention Accrual Summary), and the LAST_JE_NO (Last Journal Entry Number) tables.