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Permanently Retain Contract Retainage to an account
Permanently Retain Contract Retainage to an account
Description of Issue
An Invoice was paid using a contract and a check was cut. The Invoice had Contract retainage that needs to be permanently retained. Where do users permanently retain retainage?
Context
- Munis
- Accounts Payable
Cause
New functionality to user
Resolution
- On the Munis main menu, navigate to Financials > Accounts Payable > Vendor Processing > Contract Retainage
- Click Define, and enter the Check Dates and Contract number that retainage is being released for, and then click Accept
- The Totals section will display the Records and Remaining Retainage
- At the top of screen, select Permanently Retain
- On the next screen, click Update and choose the amount and account that you want the retained monies to be applied to
- Click Accept, and then click Generate
Additional Information
This will create a General Journal entry that needs to be posted to finish permanently retaining the monies
If you need to release Contract Retainage to a vendor instead, the instructions are here: Release Contract Retainage to Vendor
, multiple selections available,
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