Mass Retainage Payment Adjustment (AP133)

Use Mass Retainage Payment Adjustment (AP133) to modify payment records for the retainage portion of an invoice that has amounts retained.

Once a contract (vendor agreement or purchase order) reaches a certain percent complete (amount invoiced compared to the vendor agreement or purchase order total), the amount of funds retained on subsequent invoices drop to a smaller percent.

Processing Effect

Mass Retainage Payment Adjustment (AP133) performs mass splitting of retained amounts for a particular purchase order or vendor agreement. This program searches for all invoices associated with the purchase order, locates all unpaid retainage payments, and splits the payment amount creating new payment records and ties them to the PO line number and distributions.

For example, a vendor agreement line is now at a percent complete that changes the retainage amount from 15% down to 5%. The total amount for the line is $1000. Four $200 invoices have been invoiced against the line. The amount retained on each invoice was $30.

Now that the retainage amount has been reduced to 5%, a portion of the $120 retained amount needs to be released and paid to bring the overall retained amount down to 5%. Run AP133 for the vendor agreement or vendor agreement line (or purchase order or purchase order line) to find the 4 invoices, split the retainage amount so now each invoice will have two retainage payment amounts; one to be paid now for $20, the second one for $10 will continue to be withheld until project completion.

The AP133 has the option to remove the new payment record created by the split from hold or keep both payments on hold. You will then need to run AP133 to take selected payment records off hold.

More Information

If payment are being split for a vendor agreement, the Company field is optional and is used to filter the records selected for splitting. However, if you use purchase order filter then the Company field is required.

If the user is splitting records for a Purchase Order that is for retainage (not using vendor agreements), then the Vendor Agreement field is not allowed and the Company field is required.