PO55.3 - Purchase Order Header Retainage
Use Purchase Order Header Retainage (PO55.3) to allow you to add retainagepercents to a purchase order.
There are two rates that must be retained. First is the rate initiallyretained from each invoice payment until the percent complete (determined by what has already been invoiced) reaches the Up to Percent Complete. The secondrate is what is used for retention until the project is complete.
** Processing Effect
When the system determines that you are using Contract Management, the"Retainage" button displays.
If Track Percent Complete is "1" (Purchase Order Level) or "2" (Line Level),which means the purchase order is subject to retainage, the First Retainage Percent and Up to Percent Complete fields are automatically populated.
If "Track Percent Complete" is blank or "3" (an attached vendor agreement hasretainage), which means the purchase order is NOT subject to retainage, all retainage fields will remain blank.
If the Retainage Due Date is populated, then date must be greater than orequal to the purchase order date. If this field is left blank then the system defaults the invoices due date to the retainage payment record during invoice creation and match/release process.
***More Information
There are three required fields for retainage: First Retainage Percent, Up toPercent Complete and Track Percent Complete.
The percent complete is computed at the purchase order header level(accumulates all invoiced amounts for all lines) and at the individual line level (each line is computed separately). The percent complete is always computed at the line level and at the header level. However, the track percentcomplete flag on the purchase order will determine which value is used (eitherline or header percent complete) when defaulting the retainage percent to the invoice line.
You can define an override percent complete when the invoiced amount does notreflect the true project completion rate. When entered, the override percent complete is used instead of the calculated one.
File created: Thu Jun 09 11:26:21 2016
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