IMPORTANT: All accrued Installer Retainage payments must originate in the Installer Payables System, not in Accounts Payable. If the process explained below is not followed, the Retainage report will not be accurate.
Follow these steps to return some or all of an Installer's accrued Retainage funds:
- Start in the Installer Payables System by selecting the applicable Installer ID and then click Build.
- If no payments are currently selected for the Installer, the system will prompt the following: NO RECORDS TO DISPLAY. Hit Ok. Ideally you should process this independently of other regular payments.
- At the top left menu, select Print, and then Print Payable Report.
- At the Retainage Deduct. % / $ field, enter the amount of Retainage you want to return to this Installer, using a minus sign "-" in front of the amount to initiate the deduction.
- The Total Amount to Pay Inst field should reflect this amount. Hit Continue.
- Answer "Yes" to UPDATE AS PAID?
- The system will then direct you to A/P Open Item Maintenance where you can set up the Item to pay out on the Installer's next check. Make sure the G/L Account is defaulting to the Retainage Liability Account. If not, you will need to manually adjust.