Payable Types: Retainage

Specify the payable type (set up in AP Payable Types) for retainage. If you are not using the payable categories feature (above), this pay type will be assigned to any retainage amount entered for a transaction. If you are using pay categories, this pay type will only be used if no default pay category has been specified in AP Company Parameters, F3 Properties, or VA User Profile. The system uses this payable type to determine the AP GL Account to credit when posting the expense batch, and to debit when it is paid.

Note: Although not required, it is strongly recommended that the payable type assigned for retainage differ from those assigned for Expense, Job, and Subcontract transactions.

The system automatically assigns this payable type to the retainage portion of the transaction line; it does not display on the screen and cannot be overridden.