Withholding Release Tab
Use this tab to specify a release-of-withholding percentage to be included in the billing calculations.
When withholding release is selected, Costpoint calculates a current and an ITD billing withholding release amount, in billing currency and in functional currency, for projects set up for withholding in the Manage Project Billing Information screen, and includes those withholding release amounts in the calculated standard bill as a separate line item, in the same way that retainage is handled. The withholding release line automatically follows the withholding line on a standard bill, and need not be included in any Generic Billing Format setup.
When you select withholding release, the billing withholding release calculation is performed for all selected projects for which bills are being calculated that have the Subject to Withholding check box selected on the Manage Project Billing Information screen and is based on the billing withholding code assigned to each project on that screen. The projects must have a positive net billing withholding amount in Billing History, calculated as the ITD billing withholding minus the ITD withholding release. The calculations for withholding release amounts are as follows:
- Current Billing Currency Amount: This is calculated as the total ITD net withholding (ITD billing withholding minute the ITD withholding release for all posted bills in Billing History) multiplied by the release percentage specified on this tab. Note that any withholding amount on the current bill is NOT included in the basis for calculating the withholding release amount.
- ITD Billing Currency Amount: This is calculated as the current billing currency invoice withholding release amount plus the previously posted ITD billing currency billing withholding release amount from the Manage Billing History screen.
- Current Functional Currency Amount: This is calculated as the current billing currency withholding release amount multiplied by the currency exchange rate for the invoice, similar to the retainage calculation.
- ITD Functional Currency Amount: This is calculated as the current functional currency billing withholding release amount plus the previously posted ITD functional currency billing withholding release amount from the Manage Billing History screen.
The billing withholding release amount is added to the invoice amount after retainage and withholding to arrive at the final total invoice amount.
If a project is set up for iRAPT and/or ACRN billing, the withholding release calculations for the detail transaction records are allocated individually to line items after being computed at the overall invoice level, using the new allocation fields. For withholding releases, this allocation is based on previously posted ITD net withholding amounts for the billing lines, and may include account lines that have no current billing amounts. The line-level information is for purposes of allocation only, and is not used to calculate the withholding release amount.
Release previous withholdings
| Field | Description |
|---|---|
| Release Withholdings |
Select this check box to calculate release-of-billing withholding amounts for the selected projects that have withholding. Enter the percentage of the remaining net withholding amount to release in the Percent of Total to Release field. |
| Percent of Total to Release |
Enter the percentage of the remaining net withholding amount to release when bills are calculated. Valid values are from 0.00 to 100.00. This field is enabled only if the Release Withholdings check box is selected. Click the Percentage to Release Calculation Help link at the bottom of the screen to see an explanation of the Percent of Total to Release field and how it works. |
Withholding Code
Use this group box to select the withholding codes for which you are specifying a release-of-withholding percentage. This group box is enabled only if you select the Release Withholdings check box.
| Field | Description |
|---|---|
| Option |
Select the range of billing withholding codes. Valid options are All, One, Range, From Beginning, and To End. The default is All. |
| Start |
Enter, or click
|
| End |
Enter, or click
|
to select, the starting billing withholding code to include in the withholding release calculations.