Changing retention rates for jobs

In the 3-5 Jobs (Accounts Receivable) window, you can change the retention rate for a job contract simply by entering the new rate in the Retention Rate text box. Sage 100 Contractor will calculate retention for all new invoices using the new rate, while existing invoices maintain the previously calculated retention.

You can also apply the new retention rate to all existing job invoices. When you increase the retention rate, Sage 100 Contractor calculates the new amount of retention based on the gross invoice amount. If the invoice balance is smaller than the calculated retention, Sage 100 Contractor adjusts the retention accordingly. For example, the retention is increased from 5% to 10% for a job and the change is applied to all job invoices. A $1,000 invoice is 95% paid and the remaining $50 balance is for retention. Because the invoice is already 95% paid, Sage 100 Contractor cannot recalculate retention at the 10% rate on this invoice. Consequently, Sage 100 Contractor does not change the retention for the invoice.

Applying a decreased retention rate can also affect previous invoices. While retention is decreased, the net balance due on invoices can increase. Suppose you decrease the retention from 10% to 5% for a job and apply the decrease to all job invoices. The net amount due for a $1,000 invoice was originally $900, but is changed to $950. If client had paid $900, the client now owes an additional $50, and the last $50 is withheld as retention.

To change the retention rate for a job: