Many job contracts include holdbacks. In the Progress Billing Setup window, you can set up holdback rates.
When you calculate a progress bill for the first time, Sage 100 Contractor inserts the holdback rate for completed work in the Holdback Rate column for all line items. If certain line items require different rates of holdback, type the rates in the appropriate Holdback Rate cells. If you leave a Holdback Rate cell blank, Sage 100 Contractor will not compute holdback for that particular line item. You can then recalculate the holdback for the application.
If you want to withhold a holdback for stored materials, type the rate in the Material Rate box. When you enter costs for stored materials in the Current Stored column, Sage 100 Contractor calculates the holdback using the rate in the Material Rate box from the Progress Billing Setup window.
While you include holdback on billings, payment is not due until you create holdback invoices using the 3-2 Receivable Invoices/Credits window. Posting an invoice declares the gross amount of the invoice as income. However, a percentage of the gross amount is withheld as holdback, so the client is actually billed for the net amount (gross invoice amount – holdback = net invoice amount). Therefore, holdback is already declared income but is not yet due. Consequently, Sage 100 Contractor does not include holdback in the invoice aging, and does not apply finance charges to it.
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