Releasing Retainage by Contract

You can release retainage by contract using the JB Release Retainage form.

  1. From the JB Release Retainage form, enter the month to release retainage for in the Bill Month field.
  2. Enter the bill number in the Bill Number field.
 The open retainage amounts display in the Release by Contract section.
  3. Select the Contract radio button in the Release by Contract or Item section.
 The This Bill % Released, Amount Released, and Net Retainage fields are now available in the Release by Contract section.
  4. Enter retainage to be released in the % Released, the Amount Released, or the Net Retainage fields. Entering a value in one field updates the others.
  5. Click the Update button. The system updates each item in the grid and applies the release amount/percentage accordingly.
    Note: If the Release Retainage to Current A/R check box in AR Company Parameters is selected, the available retainage amount includes amounts on released retainage billings. If the check box is not selected, the system excludes amounts on released retainage billings.
  6. Use the JB Batch Process form to run the release retainage batch and update AR. For more information, on using the batch process form, refer to About the JB Batch Process Form. For more information on updating AR, refer to About Updating AR.