Example Setup
In this example, a retainage rule is set both at the contract level and on both billing lines on the contract. The calculation is based on three different completion percentages on the contract. The control flag is set to blank to create retainage in A/R with no deferred taxes. The T and M line has a schedule of values.
This table shows how retainage rule F (Multi RETN Percentages on Completion) is set up in the Retainage Rules Table program (P5204):
Percent Retainage |
Percent Complete |
|---|---|
10 percent |
20.00 |
15 percent |
38.00 |
25 percent |
60.00 |
This contract is set up in the Contract Master Revisions program (P5201):
Contract Part |
Retainage Rule |
Offset |
Control Flag |
Tax Explanation |
Tax Rate/Area |
|---|---|---|---|---|---|
Contract |
F |
RETN |
S |
D1 = 3.5 percent |
|
Billing Line 001 |
F |
RETN |
S |
D1 = 3.5 percent |
|
Billing Line 002 |
F |
RETN |
S |
D1 = 3.5 percent |