E1: 43: Retainage Amount Can not be Canceled While Releasing Retainage in Voucher Match (P4314)
Last updated on NOVEMBER 04, 2015
Applies to:JD Edwards EnterpriseOne Procurement and Subcontract Management - Version 9.0 and later
Information in this document applies to any platform.
When Retainage amount has been vouchered in voucher match (P4314) application, retained amount can be released but not be canceled.
In the following business scenarios, full or partial retained amount required to be canceled and the canceled amount to be to written-off to the account where it was originally charged from.
In Sub-contract orders and in some situations, the contract is finalized by legal settlement and therefore the retainage is no longer paid back to the contractor. In Facilities Management contracts where the work is rated at the end of every year and if the score received is less than 100%, the associated portion of the retainage, never to be released. When contract work has not met requirements or under-performed where only partial retainage is released.
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