Example Setup
In this example, only one retainage rule is set at the contract level. The calculation is based on 100 percent completion of the contract. The control flag is set to 1 to create retainage in A/R with deferred taxes.
This retainage rule is set up in the Retainage Rules Table program (P5204):
Retainage Rule |
Description |
|---|---|
A |
10 percent Retainage รท 100 percent Complete |
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 |
A |
RETN |
1 |
S |
D1 - 3.5 percent |