Adjusting retainage payment

Retainage Payment Adjustment (AP33.1) splits retainage payments and tracks what AP distributions are tied to each payment.

Retainage Payment Adjustment displays the first retainage invoice payment record. The screen header displays all the invoice and payment information, while the detail line displays the distributions for that payment record.

Generally, retainage payments are further split when the project reaches a certain level of completion. The total amount retained must change to a lower percent value. You can accomplish this by splitting the retainage payment into multiple payment records: one for payment, the other kept on hold. The amount on hold is the new (lower) retainage payment.

Adjust retainage payment

  1. Access Retainage Payment Adjustment (AP33.1).
  2. Specify or select required and optional information for the invoice.
  3. Specify this information:
    Company

    Specify or select a company associated with the invoice. This must be a valid company in the Accounts Payable Company file.

    Vendor

    Vendor is the invoiced vendor number.

    Invoice

    Valid invoice for vendor.

    New Percent

    This is used for the Split form action and valid for Retainage payment records only. A "Split" action at the form level will split every line for the payment record.

    New Amount

    This is the amount you want to split the payment record into. The amount specified is the amount you want a new payment record created for, or moved to another payment record if the payment number field is populated.

    New Percent (distribution)

    New Percent is only valid for Retainage payment records. This is the percent of the line/distribution amount you want to continue to retain. The line record is modified for the new amount and a new payment record created for the difference.

  4. Select the Split line action for the distribution line(s) that you need to create a new payment for.

    This lets you pay for individual line items on the invoice. The split payment will then be linked to the corresponding distribution and PO line number.