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E1: 43: Retainage at Voucher Match (Doc ID 625591.1)

Last updated on MAY 15, 2019

Applies to:

JD Edwards EnterpriseOne Procurement and Subcontract Management - Version XE and later
Information in this document applies to any platform.

Purpose

Overview

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.

Scope

 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.

Details

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In this Document
Purpose
Scope
Details
 Creating a Purchase Order with Retainage Applied
 Journal Entries with Retainage
 Retainage and Taxes
 Error Messages
References

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