Progress Payments and Subcontract Vouchers
To make progress payments, you must first create a voucher in the JD Edwards EnterpriseOne Subcontract Management system. Vouchers contain the details of a payment and enable you to create a payment that is drawn against the commitments for a contract. You use vouchers to determine the amount and type of payment that you are processing.
Before you can pay a subcontractor, you must create a voucher that:
Indicates that the terms of a transaction are met.
Specifies the amount to pay the subcontractor.
Notifies JD Edwards EnterpriseOne Accounts Payable to cut a check.
You can also create vouchers:
To withhold a portion of the gross payment as retainage.
Retainage is a percentage of a committed amount that is held until after the order is complete. For example, if you create a voucher for 100.00 with retainage of 10 percent, the actual payment is 90.00, with 10.00 held as retainage. You release retainage by entering a payment voucher for the amount to release.
See Processing Retainage.
To make progress payments on a contract.
For units if you are paying against a unit based order.
In a unit-based order, you create payments based on the number of units completed. You should enter either the number of units for which you are paying or the gross payment. The system then calculates the other value based on the price per unit.
Progress Payments is a version of the Voucher Match program (P4314). It includes specific information for the JD Edwards EnterpriseOne Subcontract Management system. The system provides a Work With Contracts form on which you can further specify which contracts you want to match. You can select whether to match contracts, receipts, retainage, or all three. You can also access the Subcontract Ledger Inquiry program (P0411) or the Subcontract Order Entry program (P4310). The processing options for P4314 include a Progress Payments tab on which you can specify how the system processes payments.
From the Work With Contracts form, you can:
Select contracts to pay.
Select receipts to pay.
Select retainage to release.
Specify threshold tolerance.
Review subcontract orders.
Review the subcontract ledger.
Pay using cumulative percentages or amounts.
Access log functionality.