Issue/Symptom/Question

How do I adjust a Jobs AR Retention for future invoices after I already completed some billings?

Environment

PFW PENTA

Automated Invoice Processing 

Resolution/Fix/Answer

Steps to reduce AR Job Retention on subsequent invoices only

• Navigate to the Job Information window and query back the Job
• Navigate to the Job >Invoicing>Calculation tab and open the Retention Job... button
• Click on Edit and Insert Record to enter a new record

• Enter a new Effective Date equal to the date the new Retention percentage is in effect for any subsequent invoices created out of PENTA
  • The New Date is typically greater than the existing Effective Date
• Click on the 'Retention Type' drop-down menu to select how the retention will be calculated
• If the 'Retention Type' is:
  • Billed Amount: enter in the lower left block the Billed Amount and the appropriate Retention % to be withheld
  • Fixed Retention %: enter the new percentage in the Retention Percent field
  • Percent Complete: enter in the lower right block the Job's Percent Complete percentage and the appropriate Retention %
• Close the pop-up window once done
• PENTA will now use the new Effective Date to determine the proper Retention to withhold on subsequent invoices created 

Cause 

If the Customer perceives that the work is moving along at an acceptable pace they often will allow the contractor to reduce the amount of the retention being withheld