1

Open 3-7 Progress Billing.

2

Open the last application with a Status 3-Posted for the job, and click Next.

3

To the message, Reminder: A new record will be created and this one will become Closed. Do you want to continue? click Yes.

4

Note the amount in the Holdback box.

5

From the Update menu, select Release Holdback.

6

To the message, This will reset all holdback rates to zero and recalculate the application. Do you want to continue? click Yes.

7

On the Calculate grid, choose a method to calculate the Progress Billing and click Calculate.

8

The Holdback amount becomes the Invoice Amount.

9

From the File menu, select Save.

10

From the File menu, select Recall.

11

From the Options menu, select Submit Application.

12

From the File menu, select Print.

13

Print the appropriate Progress Billing report, reports 21—42 and send this report to your customer to show the retention amount is now due.

14

Close the 3-7 Report Printing window.

Note: The final application remains in Submitted status because there is not an invoice amount to post.

1

Open 3-5 Jobs (Accounts Receivable), and display the job.

2

In the Terms section of the window, clear the Holdback Rate.

3

From the Update menu, select Recalculate Retention.

4

On the Recalculate Retention window, enter the New Due Date for Invoices and select the appropriate Recalculation option.

5

Click OK.

6

To the message to confirm the number of open invoices found, click OK.

7

From the File menu, select Save.

8

On 3-5 Jobs (Accounts Receivable), click Invoices and review the Net Due amount to verify that the retention has been released.

In this part, you are going to create a retention credit invoice and use the amount of retention due as the Price of the credit.

1

Open 3-2 Receivable Invoices/Credits.

2

Do the following:

a

In the Invoice# text box, enter the credit invoice number.

b

In the Date text box, enter the date of the invoice.

c

In the Job text box, enter the job number.

d

If the job uses phases, enter the phase number in the Phase text box.

e

In the Description text box, enter a brief statement about the invoice.

f

In the Due Date text box, enter the invoice due date.

g

In the Discount Date text box, enter the due date by which payment must be received for the discount to apply.

h

In the Status list, select the invoice status.

i

In the Type list, select the invoice type.

3

In the grid, do the following:

a

In the Description cell, enter a brief statement about the item.

b

In the Quantity cell, enter the quantity of items as a negative amount.

c

In the Price cell, enter the amount of the retention due.

d

In the Account cell, enter the ledger account number.

4

Repeat step 3 for each item.

5

On the File menu, click Save.

1

1. In 3-3 Cash Receipts apply the credit to all open retention.

2

2. Apply the retention credit invoice created to all open retention invoices.

Note: For detailed instructions on applying a credit to open invoices see the link below.

3

Open 3-3 Cash Receipts.

4

Do the following:

a

In the Account box, type the ledger account number for the cash account.

b

In the Deposit# box, type the deposit number.

c

In the Date box, type the deposit date.

d

In the Description box, type a brief statement about the transaction.

5

Do one of the following:

a

In the Client box, type the client number.

b

In the Job box, type the job number.

6

Do one of the following:

a

Click the Contract Invoices tab.

b

Click the Service Invoices tab.

7

Click the Display button.

8

In the grid, do the following:

a

In the Credit cell of the original invoice, type the amount as a positive number.

b

In the Credit cell of the credit invoice, type the amount as a negative number.

Important! the amounts in the Credit column must balance to zero.

9

Repeat step 6 for each credit you want to apply.

10

On the File menu, click Save.

In Part 5, you are going to create an invoice using the amount of retention due as the Price of the invoice.

1

Open 3-2 Receivable Invoices/Credits.

2

Do the following:

a

In the Invoice# box, type the invoice number.

b

In the Date box, enter the date of the invoice.

c

In the Job box, type the job number.

d

If the job uses phases, type the phase number in the Phase box.

e

In the Description box, type a brief statement about the invoice.

f

In the Due Date box, enter the invoice due date.

g

In the Discount Date text box, type the due date by which you must receive payment for the client to receive the discount.

h

From the Status list, select the invoice status.

i

In the Type list, click the invoice type.

Note: Select an Invoice type Memo if you do not want the transaction to effect the job balances

3

In the grid, do the following:

a

In the Description cell, type a brief statement about the item.

b

In the Quantity cell, type the quantity of items.

c

In the Price cell, type the amount of retention due as the Price of the invoice.

d

In the Account cell, enter the ledger account number.

4

Repeat step 3 for each item.

5

From the File menu, click Save.

1

Open 3-4 Statements.

2

Select the 21-Job Statements report.

3

In the Job# box, type the job number.

4

Select the Include Paid Invoices check box.

5

Select the Include Payment History check box.

6

From the File menu, select Print.

7

7. On the Statement Variables window, type the Statement Date, and click OK.

8

Your statement details all outstanding amounts due, including the retention invoice.

9

Close the 3-4 Report Printing window.