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.

After 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. When the percent complete reaches that level, there usually is a release of already retained payment amounts to bring the overall retained amount down to the new lower rate.

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.