How to correct a Retainage Invoice that has been billed?
KB Article #:
10668
Summary:
How to correct a Retainage Invoice that has been billed?
Description:
Client was billed for 100 percent of the invoice when 10 percent should have been held back for retainage. The client paid the 90% that they owed. What is the best way to adjust the remaining receivable balance for that client from receivables to retainage. The retainage will not be due for months.

Resolution: 

One of the following options can be used.

Option #1 (Preferred):  Void and reissue the invoice with the retainage.
  1. Go to Billing > Interactive Billing and select the project.
  2. Select the invoice from Tools > Invoices on File and click the Void button.
  3. Create a new transaction file.
  4. Go to Transaction Center > Transaction Entry > Invoices and Post the void created in step 3.
  5. Go to Billing > Billing Terms and select the project. On the Misc tab check the Retainage box and complete the retainage setup.
  6. Go to Billing > Interactive Billing and reissue the invoice, Accept and Post.  

Options #2:  Create a manual invoice transaction for retainage. 

  1. Go to Transaction Center > Transaction Entry > Invoices and create a new transaction.
  2. Enter the same Invoice number, Date, Project/Phase/Task as the original invoice.
  3. Insert a detail line, enter the same Invoice Section and Account as the original invoice and enter the Retainage as a negative Amount on this line.
  4. Post.
 
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