Paying Reclassified Retention Amounts
Follow this procedure to clean up retention balances that have been reclassified to current.
- On the Site Map, click Cash Receipts/Adjustment to open the Cash receipts/Adjustment Entry screen.
- Enter the Customer code, the Transaction code for payments, the check Reference #, the ABA# if applicable, the check Date (or adjustment date) and the check Amount. The check amount will be zero if you are just "cleaning up" the retention balances and not actually applying a payment. If you are applying a payment, enter the check amount here.
- Click the Select button and choose the specific job number you wish to clean up (this works best when doing 1 job at a time).
- Choose Auto apply receipt and Apply retention, then click OK twice.
- You will see the detailed information on the specified job invoices and payments. You will notice that retention that has been reclassified as current will have a negative retention entry equal to the amounts of the retention on previous invoices. The negative amount has auto-applied itself to the retention field on those invoices and netted the negative and positives.
- If you are not applying a payment at this time and are doing a zero dollar check, click OK and update as usual.
- If you also had a payment to apply, enter the amount in the Paid/adjusted field on the invoice that is being paid.
- Click OK and update as usual.