The preferred method to request final payment for retention is to print a progress bill report.
Important! Because retention has been included in the previous progress billing applications, you must credit the retention amount before you can create a separate retention invoice. Follow the six parts of this procedure to release retention, create a retention credit, apply the credit, and create your retention invoice.
1 | Open 3-7 Progress Billing. |
2 | Open the last application with a Status 3-Posted for the job, and click Next. |
3 | At 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 Retention box. |
5 | From the Update menu, select Release Retention. |
6 | At the message, This will reset all retentionrates to zero and recalculate the application. Do you want to continue? click Yes. |
7 | On the Calculate grid, select a method to calculate the Progress Billing, and then click Calculate. |
8 | The Retention 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 then display the job. |
2 | In the Terms section of the window, clear the Retention Rate. |
3 | From the Update menu, select Recalculate Retention. |
4 | On the Recalculate Retention window, enter the New Due Date for Invoices, and then 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 then review the Net Due amount to verify that the retention has been released. |
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, and then: |
2 | In the grid: |
3 | Repeat step 2 for each item. |
4 | On the File menu, click Save. |
1 | In 3-3-1 Cash Receipts apply the credit to all open retention. |
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 3-3-1 Cash Receipts, and then: |
4 | Do one of the following: |
5 | Do one of the following: |
6 | Click the Display button. |
7 | In the grid: |
Important! The amounts in the Credit column must balance to zero.
8 | Repeat step 6 for each credit you want to apply. |
9 | On the File menu, click Save. |
Create an invoice using the amount of retention due as the Price of the invoice.
1 | Open 3-2 Receivable Invoices/Credits, and then: |
Note: Select an Invoice type Memo if you do not want the transaction to effect the job balances
2 | In the grid: |
3 | Repeat step 2 for each item. |
4 | 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 | 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. |
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For additional online resources for Sage 100 Contractor products, visit the Sage Customer Portal. Use the portal to access the knowledgebase, chat online with customer support, or enter a customer support ticket.
For additional training on Sage products, visit Sage University.