Release a Portion of Retainage for Billing

If you reach the point of a project when you can bill some, but not all, retainage, release a portion of retainage for billing.

The remaining amount will still appear on accounts receivable reports, and will remain as billable retainage in Interactive Billing.

To release a portion of retainage for billing, complete the following steps:

  1. From the Vision Navigation menu, click Billing > Interactive Billing.
  2. On the Billing Session Options dialog box, modify session options and click OK.
  3. On the Interactive Billing form, open the project for which you are billing retainage.
  4. Click Retainage on the toolbar.
  5. On the Invoice File Selection dialog box, select an existing invoice file or create a new invoice file in which to include the retainage amounts computed during this session.
    • To select an existing file, click the file on the list and click OK.
    • To create a new file, click New and enter a name for the file in the File Name field. Click OK. The name is a label used by the Transaction Center.
    Vision adds the retainage amounts to the selected or new invoice file and displays the Bill Retainage dialog box.
  6. On the Bill Retainage dialog box, select a single invoice or multiple invoices to bill part of the project, phase, or task's retainage. Credit memos that you created in Interactive Billing are not listed separately on the Bill Retainage dialog box. Any credit memos posted against an invoice are reflected in the invoice amounts in the Billing Retainage dialog box.
  7. Click Bill.
  8. Click Yes when prompted, then click Close on the Bill Retainage dialog box to return to the invoice.
  9. On the Interactive Billing form, click Invoice > Allow RTF download.
  10. Click Invoice > Preview. The invoice displays in a browser.
  11. Click Download Report.
  12. In the Download File As field on the Download Invoice dialog box, select Rich text format (RTF) and click Download.
  13. Save the downloaded invoice.
  14. Open the saved invoice in Microsoft Word and modify the retainage amount to the partial amount, then save the modified invoice.
  15. On the Interactive Billing form, click Invoice > Accept and then click OK on the Invoice Accept dialog box.
  16. From the Vision Navigation menu, click Transaction Center > Transaction Entry.
  17. From the Transaction Type drop-down, select Invoice.
  18. Select the invoice file and reduce the retainage amount by the amount that you want to bill, the same amount entered in the invoice you edited in Microsoft Word.
  19. Post the invoice file.