AP Joint check for subcontract invoice with retainage

Question

We have a client with many subcontracts that have retainage and require joint check. The issues is the joint check recipient should not be included in retainage when paid. Don't want to have to manage every invoice. Any ideas?

Vaughn · Accepted Answer

Example: Subcontractor's invoice = $10,000 joint checks for $2,000 and $3,000 In Distribution, enter first line as normal (commitment, job, cost code, amount, retainage) - $10,000 gross / $1,000 retainage. Second line: (commitment, job, cost code) enter negative amount of the first joint check with zero retainage - <$2,000> gross / $0 retainage. Third line: (commitment, job, cost code) enter positive amount of the joint check with zero retainage and add joint check payee to this line item - $2,000 gross / zero retainage (click Joint button to add Joint Check Payee). Repeat for next joint check: Fourth line: (commitment, job, cost code) enter negative amount of the next joint check with zero retainage - <$3,000> gross / $0 retainage. Third line:(commitment, job, cost code) enter positive amount of the joint check with zero retainage and add joint check payee to this line item - $3,000 gross / zero retainage (click Joint button to add Joint Check Payee). Result: Net check to Sub: $4,000 ($1,000 retention) Joint check #1: $2,000 Joint check #2: $3,000

Sage Construction & Real Estate

AP Joint check for subcontract invoice with retainage

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