Vision Demo - Creating Complex PO Retainage Release Invoice Post Completion (Doc ID 2551353.1)

Last updated on AUGUST 17, 2023

Applies to:

Goal

This is one of a series of Vision Demo Notes on Complex PO Processing.

---> Step 1 - <Note 2456891.1> Vision Demo - How To Create A Complex Services Purchase Order(Actuals)

---> Step 2 - <Note 2457443.1> Vision Demo - How To Create an Advance Invoice & Payment for a Complex Services Purchase Order(Actuals)

---> Step 3 - <Note 2461636.1> Vision Demo - Creating Complex PO Work Confirmation Via iSupplier & Processing the Lump Sum Payment Invoice 

---> Step 4 - <Note 2470730.1> Vision Demo - Creating Complex PO Work Confirmation Via the Buyer & Processing the Rate Payment Invoice

---> Step 5 - <Note 2550974.1> Vision Demo - Creating Complex PO Work Confirmation Via iSupplier & Processing the Milestone Payment Invoice

--> Step 6 -  YOU ARE HERE

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---> The focus of this note is to list the steps required to create an Invoice to release all retainage associated with a Complex Purchase Order. At this point all work has been completed, work confirmations completed and now the only thing remaining is the Retainage amount that needs to be paid to the Supplier

In our fictional example, the task at hand is to procure and pay for the preparation and painting of the Vision HQ Building located in V1-New York City for $25,000. The services are being procured with an "Advance" Payment to begin the work, a "Lump Sum" payment for the preparation of the building to be painted, a "Rate" payment for the workdays and finally a "Milestone" payment at completion of the project.

***** Complex Purchase Orders are only available for creation in the Buyers Work Center (BWC) *****

The example shown in this note is based on data in the Vision Demo database including User, Responsibility, Item, Inventory Organization, Supplier, Site, etc.

Refer to Appendix at the end of this document for more Complex PO Terms and Definitions

To better illustrate the flows - some Purchase Order Numbers and Invoice Numbers might vary in the example screenshots the amounts should match

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There are 2 Seeded Complex PO Styles - "Complex Services(Actuals)" and "Complex Services(Finance)".

      1. Actuals (non-finance): This is where the Pay Items are NOT financed and invoices for Pay Items are for actual work done. So the invoice type is ‘Standard’.
      2. Finance: This is where the Pay items represent a financing arrangement and invoices for these Pay Items are for financing the supplier. So the invoice type is ‘Prepayment’.

For the purpose of this note we are focusing on "Actuals".

 NOTE: For Complex Services “Actuals” (progress payments are not financed), the Pay Items total amount for a specific PO line MUST EQUAL the PO line amount. So in the example above all the Pay Items equal the PO Line 1 total of $25,000.

As we proceed through the demo flow the table below shows the invoice amount that is created for the supplier based on the above PO terms and Pay Items:

While invoicing is not illustrated in this note these are the sequence of events/invoices based on this example and the pay items and rates used

Solution

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