/
Release Contract Retainage to Vendor

Release Contract Retainage to Vendor



Description of Issue

An Invoice was paid using a contract and a check was cut. The Invoice had Contract retainage that needs to be released back to the vendor. Where do users release retainage?

Context
  • Munis
  • Accounts Payable
Cause

New functionality to user

Resolution
  1. On the Munis main menu, navigate to Financials > Accounts Payable > Vendor Processing > Contract Retainage 
  2. Click Define, and enter the Check Dates and Contract number that retainage is being released for, and then click Accept
  3. The Totals section will display the Records and Remaining Retainage
  4. At the top of screen, select Release to Vendor
  5. On the Release to Vendor screen, click Define and fill out the invoice information, such as Batch, Starting Document, Payment Method, etc
  6. Click Accept, and then click Generate
Additional Information

An AP Invoice created from releasing retainage has now been generated and can be accessed and posted in the Invoice Entry program

If you need to Permanently Retain Contract Retainage to an account instead, the instructions are here: Permanently Retain Contract Retainage to an account





Related content

Permanently Retain Contract Retainage to an account
Permanently Retain Contract Retainage to an account
More like this
Release a Contract Lien for Payment to the Vendor
Release a Contract Lien for Payment to the Vendor
More like this
Permanently Retain a Contract Lien
Permanently Retain a Contract Lien
More like this
Control Account not set up for Contract Retainage
Control Account not set up for Contract Retainage
More like this
Error Invoicing with Retainage - Error retrieving Account Id. execute 10777. 100
Error Invoicing with Retainage - Error retrieving Account Id. execute 10777. 100
More like this
Retainage on AP check
Retainage on AP check
More like this