When you release retention this should create a progress bill just like the others. It should also show up on reports just like a progress bill and age by itself. By going back in and taking retention off it restarts the aging which is incorrect. I have to report to our bank each month and they keep asking some jobs in the 60 day column one month go back to current. This is giving false information.
Also that would help AR know if the retention has been billed yet or not. Anyone that uses AIA's would much benefit from this. AIA's are 98% of our company's way of billing.
by: Melissa L. | over a year ago | Accounts Receivable
Comments
Agreed! We have a number of Clients that need/request a separate retainage invoice. We utilize AIA on 99% of our payment apps. We have tried submitting the 3-4-21 report with a custom form created for Retainage, but not all Clients will accept it. They want it on an AIA, and this would be very helpful! (Yes, retainage has already been invoiced with preceding apps, so it would have to be something that does not affect the GL)
8/9/21 - Same here. We have to keep external records and use a custom field in the 3-5 Jobs window to track retainage aging. Not only would this help in financial reporting, but in materialmen's lien processes. Our state requires different notices and filings for retainage which are on a different calendaring schedule then other notices and filings. Please add to future versions.