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Releasing retention for progress bills

Entering setup data for progress bills

About accounts receivable retention

Releasing retention for progress bills and printing statements

When you bill a customer for retention, it is not necessary to create a new invoice. The retention is included on the invoices created from 3-7 Progress Billing applications.

  1. Open 3-7 Progress Billing.

  2. Open the last application with a Status 3-Posted for the job, and click Next.

  3. 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 Total field.

  4. From the Update menu, select Release Retention.

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

  6. On the Calculate grid, choose a method to calculate the progress billing, and then click OK.

    Note: The Retention Total amount becomes the Current Due amount.

  7. Click File > Save.
  8. From the File menu, select Recall.
  9. From the Options menu, select Submit Application.
  10. From the File menu, select Print.
  11. Print the appropriate progress billing report, reports 21—42, and send this report to your customer to show the retention amount is now due.
  12. If the job is continuing and you need to create a new application, post the application.
  13. Close the 3-7 Report Printing window.

Note: If you complete this step and have not received payments for amounts outside of retention, the current balance due will reflect retention and any outstanding amounts.

  1. Open 3-5 Jobs (Accounts Receivable), and display 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.
  6. At the message confirming the number of open invoices found, click OK.
  7. From the File menu, select Save.

Tip: On the 3-5 Jobs (Accounts Receivable) window, click Invoices and review the Net Due amount to verify the retention has been released.

  1. Go to 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, select Print.

  7. On the Statement Variables window, type the Statement Date.

  8. Click OK.

    Your statement prints showing all outstanding amounts due, including the released retention.

  9. Close the 3-4 Report Printing window.