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Contract Retention Management

Contract Retention Management

Overview:

This screen is used to manage, track, and request retention releases for Accounts Receivable Job Sales Invoices (forĀ SubcontractĀ retentions, seeĀ Subcontract Retention Management). It displays data from all AR invoices that contain withheld retention balances. This feature makes the process streamlined and less prone to error.

Screen Guide:

By default, allĀ Jobs with a retention balance are displayed, and can be narrowed down using the filters.

TheĀ Contract Retention section contains editable fields:

  • Retention TypeĀ is theĀ Retention CodeĀ used in theĀ Contract Settings of this job.

  • Release Date can be set here if the future release date is known.

  • Release Details is a space for text regarding any conditions or additional information about the future release of withheld amounts.

Retention Balance is a grouping that gathers data from each contract displayed:

  • Balance LCĀ is the total withheld retention amount in the local currency and also serves as a link to theĀ Contract Claims screen of theĀ Job'sĀ contract.

  • CurrencyĀ is theĀ Currency that the retention was held in.

  • Balance FCĀ Ā is the total withheld retention amount in the foreign currency.

Retention ReleaseĀ contains editable fields that are used to add positive retention amounts to a claim. When you are ready to create a claim for part or all of theĀ Retention Balance, enter that amount inĀ Value FCĀ orĀ % of BalanceĀ can be used to calculate a percentage of the balance to be claimed. TheĀ Description field is used to preemptively add text to the comment field of the Contract Claim. Once you finish entering amounts in one or multiple job lines, click theĀ Save button and the system will automatically create a claim(s) based on the information you enter. The following banner will be displayed when the system has finished creating them:

The Claim Today section has the Invoice No column that is automatically populated with the latest retention release Invoice No and a link to it. You can view the created claims by clicking on theĀ Invoice No field and submit the claim, or approve (or assign an approver to) the invoice.

Next Steps:

Review the created retention claim inĀ Contract Claims and ensure the intended amounts have been requested. Continue with your company's regular claim submission and approval processes.



FAQs:

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