Retention Release - When retention is released, the system ages the new retention invoice from the original bill dates. This is incorrect. Aging on the newly created retention invoice should not begin until the date retention is released. the current Sage fix requires a lengthy six step process. To correct this issue, Sage should allow users to select an invoice date and due date for the new retention invoice. The resulting aged receivable report should show retention as current, not past due. This is an ongoing problem with Sage. Banks and bonding companies look at the aging report seriously, and will not accept receivables aged beyond a threshold. for this reason, Sage needs to improve the process and eliminate the need for the convoluted "credit, zero cash receipt, & invoice" six step process. The six step process is too lengthy. Other software systems have more robust ways of releasing retention. Microsoft Dynamics GP works well to achieve this goal.

People who can benefit from this solution? All contractors who bill retention. And all contractors who submit aged receivable reports to banks and bonding companies.

Why is this valuable? Receivable aging is critical to business. The way Sage works currently, an AIA invoice can be created, however the due dates remain tied to the original invoice, which causes the retention to be aged immediately upon posting. This causes a bank or bonding company to view the receivable as less collectible.

Comments

  • I think this is a great idea, when I run an A/R aging it doesn't breakout the retention amount which should be shown seperately

  • I TOTALLY agree!!!!

  • Same here. I have been pulling my hair out trying to keep track of released retention without changing it is Sage because of the aging issue.

  • @Tina, when we run the 3-1-3-47 AR Aging report for a previous period, any retention that has been paid between the selected period and when we are running the report shows as a hung receivable. Is the six step process you are referring to a workaround for this issue?