When you bill a customer for retention, it is not necessary to create a new invoice. The retention is included on the invoices created from 3-7 Progress Billing applications.
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. |
Note: Be sure to note the amount in the Retention Total field.
4 | From the Update menu, select Release Retention. |
5 | To the message, This will reset all retention rates to zero and recalculate the application. Do you want to continue? click Yes. |
6 | On the Calculate grid, choose a method to calculate the progress billing, and then click OK. |
Note: The Retention Total amount becomes the Current Due amount.
7 | From the File menu, select Save. |
8 | From the File menu, select Recall. |
9 | From the Options menu, select Submit Application. |
10 | From the File menu, select Print. |
11 | Print the appropriate progress billing report, reports 21—42, and send this report to your customer to show the retention amount is now due. |
12 | If the job is continuing and you need to create a new application, post the application. |
13 | Close the 3-7 Report Printing window. |
If you complete this step and have not received payments for amounts outside of retention, the current balance due will reflect retention and any outstanding amounts.
1 | Open 3-5 Jobs (Accounts Receivable), and 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 select the appropriate Recalculation Option. |
5 | Click OK, and to the message to confirm the number of open invoices found, click OK. |
6 | From the File menu, select Save. |
Tip: On the 3-5 Jobs (Accounts Receivable) window, click Invoices and review the Net Due amount to verify the retention has been released.
1 | Go to 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. |
8 | Click OK. |
9 | Your statement prints showing all outstanding amounts due, including the released retention. |
10 | Close the 3-4 Report Printing window. |
Releasing retention for progress bills |
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