How to Create a Retention Invoice in Job Cost for Sage 100
How to Create a Retention Invoice in Job Cost
When a retention invoice is processed, the previously billed retention balance is transferred from the Retention Receivable account to the standard Accounts Receivable account, and a new invoice is created to reflect the full invoice amount. Retention amounts are cleared from all of the customer’s invoices for the same job, and the remainder of the Job Cost retention total, if any, is recorded as the retention amount for the new retention invoice. Retention invoices are typically processed at the completion of the job to request the payment of the retention balance that has been accumulated for the job.
To enter retention invoices:
- Open Job Billing, Job Billing Data Entry
- At the Job No. field, enter a job number
- At the Invoice No. field, enter RT and select the # icon for the next invoice number
- Select Totals
- At the Amount Billable field, enter the billable amount
- Complete the remaining fields in the Job Billing Data Entry window and Accept
During the Job Billing Register update, a new invoice is created with the extension of -IN in the Accounts Receivable Open Invoice file.(Retention invoices do not affect the Work-in-Process or Job Revenue accounts during the Job Billing Register update.) The retention amounts are cleared from all of the customers’ invoices for the same job. If the retention amounts cleared from the invoices exceed the retention invoice amount, the remainder is recorded as the retention amount for the new invoice. The General Ledger Retention Receivable account is credited with the invoice amount, and the Accounts Receivable account is debited.
If necessary, seek the assistance of Acute Data Systems to help provide assistance with this process.