Effects of Enabling Retainage

After you enable the retainage feature, retainage-related fields and data appear in multiple areas of DPS.

• Billing Terms for a project: Fields for retainage settings for a project display in the Retainage section on the More Calculations tab in Hubs > Projects > Billing Terms for a project.
• Invoice Transaction Entry: In Transaction Center > Transaction Entry > Invoices, a Retainage field displays on the New File dialog box when you click + New Invoice File on the Invoices form. This field displays the total amount of retainage entered in the file. A Retainage field also displays in the grid on the Invoice Entry form. This field displays the retainage amount for the invoice. Retainage amounts are reflected on the Invoice Transaction List and Posting Log.
• Interactive Billing: On the Interactive Billing form click Other Action > Bill Retainage on the actions bar to release retainage to bill and create an invoice for the previously withheld retainage that has not yet been billed. On the Invoice Accept form, a Retainage field displays in the grid.

  When you release retainage for billing, the retainage amount is reclassified from a temporary retainage account to an accounts receivable account that is mapped on the Invoice Mapping Accounts tab in Settings > Billing > Accounts Receivable.

• Cash Receipts Transaction Entry: After you release retainage to be billed, the amount of retainage that was held in a temporary retainage account is reclassified to the accounts receivable account mapped on the Invoice Mapping Account tab in Settings > Billing > Accounts Receivable. At this time, any invoices that included retainage amounts appear in Cash Receipts Transaction Entry for only the amount of the retainage. For example, if you sent the Best Company three invoices, each for a total of $1,000, but applied a 10% retainage amount to each invoice, at the end of the project Best Company still owes you $300. When the three original invoices were posted, Cash Receipts Transaction Entry recorded each invoice with a total of $900 ($1000 - $100 retainage). After you release retainage to be billed, Cash Receipts Transaction Entry records the same three invoices, this time each with a total of $100.
• Batch Billing: Retainage amounts always print on the final invoice if the Retainage feature is enabled.
• Reports: Retainage amounts display on accounts receivable reports, posting logs, transaction lists, project reports, and the Invoice Register.