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Creating final retention invoices

Releasing retention on receivable invoices

Releasing retention for progress bills

Releasing retention for unitary bills

Releasing retention for jobs and printing statements

When you bill a customer for retention for a job, it is not necessary to create a new invoice. The retention is included on the invoices created from 3-7 Progress Billing applications. This procedure shows you how to release retention, print a progress billing report, and then print a job statement to request final payment.

Important! All past due accounts receivable invoices must have been collected before completing this procedure.

If you need to print a retention invoice instead of a statement, see the topic Creating final retention invoices.

  1. Open 3-7 Progress Billing.

  2. Open the last application with a Status 3-Posted for the job.

  3. Click Next.

  4. At the message, Reminder: A new record will be created and this one will become Closed. Do you want to continue?, click Yes.

    Note: Be sure to note the amount in the Retention Rate box.

  5. From the Update menu, select Release Retention.

  6. At the message, This will reset all retention rates to zero and recalculate the application. Do you want to continue?, click Yes.

  7. On the Calculate grid, choose a method to calculate the Progress Billing, and then click OK.

    The Retention Total amount becomes the Current Due amount.

  8. Click File > Save.

  9. From the File menu, select Recall.

  10. From the Options menu, select Submit Application.

  11. From the File menu, select Print.

  12. Print the appropriate Progress Billing report, reports 21–42, and then send this report to your customer to show the retention amount is now due.

  13. Close the 3-7 Report Printing window.

Note: The final application remains in Submitted status because there is not an invoice amount to post.

Important! If you complete this part and have not received payments for amounts outside of retention, the current balance due will reflect retention and any outstanding amounts. This could be perceived that current receivables are overstated.

  1. Open 3-5 Jobs (Accounts Receivable), and select the job.
  2. In the Terms section of the window, clear the Retention Rate.
  3. From the Update menu, select Recalculate Retention.
  4. On the Recalculate Retention window, enter the New Due Date for Invoices and select the appropriate Recalculation option.
  5. Click OK, and to the message to confirm the number of open invoices found, click OK again.
  6. From the File menu, click Save.
  7. Then, on the 3-5 Jobs (Accounts Receivable) window, click the Invoices button and review the Net Due amount to verify the retention has been released.
  1. Open 3–4 Statements.
  2. Select the 21 – Job Statements report.
  3. In the Job# box, type the job number.
  4. Select the Include Paid Invoices checkbox.
  5. Select the Include Payment History checkbox.
  6. From the File menu, click Print.
  7. On the Statement Variables window, type the Statement Date, and click OK.
  8. The statement prints showing all outstanding amounts due, including the released retention.
  9. Close the 3-4 Report Printing window.