Create Subcontract Purchase Orders Retention Accruals

Use this screen to create subcontract purchase order retention accruals journal entries so you can post them 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 check box is selected.

This process creates a self-reversing journal entry to accrue amounts against the subcontract purchase order lines' project/account/organization. If the purchase order line has multiple account distribution rows, Costpoint distributes the amounts based on the allocation percentages specified on the Manage Purchase Orders screen. They are automatically reversed when the next Reversal Adjusting posting occurs for the next subperiod or the first subperiod of the next accounting period. Costpoint stores this subsequent posting of fiscal year/period/subperiod information in the Reverse Journal Entry (JE_RVRS) table when you run the accrual process.

The retention amounts are also credited against a retentions payable account/organization specified on the Configure Purchase Order Accrual Settings screen. You can also use that screen to credit the retention accrual liability to the organization associated with each purchase order line (instead of one specific organization), in which case Costpoint verifies that valid retention account/organization combinations exist.

You can run the accrual process multiple times in a given period or subperiod. Multiple accrual journal entry transactions across subperiods or periods can be open at the same time.

Only one user at a time can run this process.