Effects of Enabling Retainage

After the retainage feature is enabled, retainage-related fields and data appear in multiple areas of Vision.

• Default Billing Terms form — You can select a default tax option for retainage.
• Billing Terms Form — Fields for retainage display on the Misc tab of the Billing Terms form.
• Invoice Transaction Entry — A Retainage field displays on the New File dialog box. This field displays the total amount of retainage entered in the file. A Retainage field also displays in the grid on the Invoice Entry form. This field displays the Retainage amount for the invoice. Retainage amounts are reflected on the Invoice Transaction List and Posting Log.
• Interactive Billing — A Retainage option displays on the Interactive Billing toolbar. This feature allows you to release the project's retainage for billing. On the Invoice Accept form, a Retainage field displays in the grid. Retainage amounts always print on the final invoice if the Retainage feature is enabled.

  When you release retainage for billing, Vision reclassifies the retainage amount from a temporary retainage account to an accounts receivable account mapped in the A/R Account field on the Invoice Mapping Accounts tab of Accounts Receivable Configuration.

• Cash Receipts Transaction Entry — After you release retainage to be billed, the amount of retainage that was held in a temporary Retainage account is reclassified to the accounts receivable account mapped in Invoice Mapping Account Setup. At this time, any invoices that included retainage amounts appear in Cash Receipts Transaction Entry for only the amount of the retainage. For example, if you sent the Best Company three invoices, each for a total of $1,000, but applied a 10% retainage amount to each invoice, at the end of the project Best Company still owes you $300. When the three original invoices were posted, Cash Receipts Transaction Entry recorded each invoice with a total of $900 ($1000 - $100 retainage). After you release retainage to be billed, Cash Receipts Transaction Entry records the same three invoices, this time each with a total of $100.
• Batch Billing — Retainage amounts always print on the final invoice if the Retainage feature is enabled.
• Reports — Retainage amounts display on the Accounts Receivable reports, Posting Logs, Transaction Lists, Project reports, and Invoice Register.