Reversing Previously Released Retainage

You can reverse previously released retainage that has not been interfaced (via JB Interface).

  1. From the JB Release Retainage Form, enter the month to reverse retainage for in the Bill Month field.
  2. Enter the bill number to reverse retainage for in the Bill Number field. The open retainage amounts display in the Release By Contract section.
  3. Select the Reverse Previously Released Retainage check box.
 The % Released and Amount Released fields at the contract and item levels are set to 0.00, effectively reversing the previously released retainage for the billing.
  4. Save the billing.
  5. Uncheck the Reverse Previously Released Retainage check box.
  6. Enter the correct values in the % Released and Amount Released fields
To reverse retainage for a previously interfaced billing, create a new billing. Select the new billing with this form and select the Reverse Previously Released Retainage check box. Enter the percentage (as a positive value) or amount (as a negative value) of the retainage to reverse. Save and interface as normal. Reversed retainage transactions have a transaction type of “V” in AR that displays in reports such as AR Customer Accounts by Contract.
Note: You cannot reverse retainage on a closed-month billing. However, you can reverse released retainage amounts related to closed-month billings by creating a new bill in any open month, reversing the desired amount, and then interface as normal.