E1: 43: Retainage at Voucher Match
(Doc ID 625591.1)
Last updated on SEPTEMBER 14, 2018
Applies to:JD Edwards EnterpriseOne Procurement and Subcontract Management - Version XE and later
Information in this document applies to any platform.
Retainage is the percentage of a committed amount that is withheld until a specified date. The payment being retained is often held until all work under a construction contract, service or receipt has been completed. This retainage amount is paid out at the time the contractor has provided written notice of acceptance of the project. The retained portion represents a pre-determined amount to cover any unfinished work.
The purpose of the attached article is to show the required steps for activating and releasing retainage at the time of voucher match. The implications of applying taxes to retainage are also discussed within this article.
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In this Document
|Creating a Purchase Order with Retainage Applied|
|Journal Entries with Retainage|
|Retainage and Taxes|
|Retainage Frequently Asked Questions:|
|Question 1 - Is it possible for flex accounting to be used in conjunction with the Retention AAI? |
|Question 2 - Is it possible to cancel the retained amount in a purchase order (PO, P4311) at the time of voucher match (P4314)?|
|Question 3 - On the Tax Information tab of the Supplier Master Information (P04012) there is a field for Withholding Percent, alias PCWH. The Withholding Percent from the Supplier Master does not automatically populate on the purchase order. Why?|
|Question 4 - How is the exchange rate determined for the retained amount?|
|Question 5 - When Voucher Match (P4314) is performed on a purchase order created with a Vertex GeoCode a hard error is received. The error indicates GeoCode Retainage Processing Not Allowed (error 43BI010). Why? |
|Question 8: Which tables store retainage information?|
|Question 9: Can retainage be tracked at tracked at individual invoice level?|
|Question 10: Tax distribution is wrong for a purchase order with retainage. Orders without retainage seems to be OK. Why?|
|Question 11: The AAI PCRETN is not pulling the correct business unit when using projects, why?|
|Question 12: Can you flex on PCRETN AAI?|
|Question 13: Voucher has been reversed after the retainage was paid. What is the best way to settle the accounts with no option for reversal of payment?|
|Question 14: The retainage records are not found when trying to release retainage. However, the F4311T and F43121T tables are populated correctly. What could be causing this?|
|Question 15: In Release 9.0, the when releasing retainage the Gross Amount field is not being populated automatically. What could be causing this?|
|Question 16: Can the retainage percentage default from the Supplier Master (P040412)?|