{"id":968,"date":"2023-11-01T08:02:47","date_gmt":"2023-11-01T08:02:47","guid":{"rendered":"https:\/\/www.projectpro365.com\/user-guide\/?p=968"},"modified":"2025-04-15T04:38:34","modified_gmt":"2025-04-15T04:38:34","slug":"retention-reduction-and-invoicing","status":"publish","type":"post","link":"https:\/\/www.projectpro365.com\/user-guide\/standard\/progress-billing\/retention-reduction-and-invoicing\/","title":{"rendered":"Ch 06 – Retention Reduction and Invoicing"},"content":{"rendered":"

Contents<\/b><\/p>\n\n\n\n\n\n\n
RETENTION REDUCTION & INVOICING<\/a><\/td>\n<\/tr>\n
Retention Invoice<\/a><\/td>\n<\/tr>\n
Sales Invoice<\/a><\/td>\n<\/tr>\n
Combined CO AIA G702 and AIA G703 Report<\/a><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

RETENTION REDUCTION & INVOICING<\/b><\/p>\n

Retention Reduction is a function used when a customer wants to reduce the retention rate. On progress billing, there is a feature called \u201cRetention Reduction and Invoicing\u201d which allows a user to reduce the retention percentage and invoice at the same time.<\/p>\n

Let\u2019s take an example of progress billing having both master and its sub-level projects billed till 2 requisitions with different retention percentages at the line level.<\/p>\n

Now, the next requisition needs to be billed with the reduced Retention % for master and its sub-level projects. At this point you must turn on the Boolean for \u201cRetention Reduction & Invoicing\u201d, see below.<\/p>\n

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Enter the required \u201cQuantity\u201d or \u201cWork Amount\u201d for the required lines, to define the current billing amount.<\/p>\n

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Enter\/change the \u201cWork Retention Percent\u201d with reduced percentage value for required lines. Along with this, you can also define the \u201cStored Material Retention Percentage\u201d to reduce the stored material amount, see below.<\/p>\n

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Once done, create a sales invoice. This time the system will create two invoices, one as \u201cRetention Sales Invoice\u201d and other as a \u201cNormal Sales Invoice\u201d due to additional billings, see below. <\/p>\n

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1. Retention Invoice<\/b><\/p>\n

On the retention invoice, the \u201cRetention Document\u201d field will be set to TRUE.<\/p>\n

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2. Sales Invoice<\/b><\/p>\n

A sales invoice is generated due to the additional billing. <\/p>\n

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3. Combined CO AIA G702 and AIA G703 Report<\/b><\/p>\n

Run\/Print the report \u201cCombined CO AIA G702 and AIA G703\u201d to see the details as below:<\/p>\n

1. The \u201cNet Change by Change Orders\u201d will show the value after adjusting the positive and negative values of the change orders.<\/p>\n

2. The \u201cCurrent Payment Due\u201d will show the added value of sales invoice after deducting the Retention and the Retention Reduction Invoice.<\/p>\n

3. The \u201cChange Order Summary\u201d, details will be shown based on the contract value in the Additions column and the billed amount in the Deductions column.<\/p>\n

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Contents RETENTION REDUCTION & INVOICING Retention Invoice Sales Invoice Combined CO AIA G702 and AIA G703 Report RETENTION REDUCTION & INVOICING Retention Reduction is a function used when a customer wants to reduce the retention rate. On progress billing, there is a feature called \u201cRetention Reduction and Invoicing\u201d which allows a user to reduce the … <\/p>\n

Continue reading “Ch 06 – Retention Reduction and Invoicing”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[39,7,36],"tags":[],"class_list":["post-968","post","type-post","status-publish","format-standard","hentry","category-progress-billing-3","category-progress-billing","category-progress-billing-2","entry"],"_links":{"self":[{"href":"https:\/\/www.projectpro365.com\/user-guide\/wp-json\/wp\/v2\/posts\/968","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.projectpro365.com\/user-guide\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.projectpro365.com\/user-guide\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.projectpro365.com\/user-guide\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.projectpro365.com\/user-guide\/wp-json\/wp\/v2\/comments?post=968"}],"version-history":[{"count":6,"href":"https:\/\/www.projectpro365.com\/user-guide\/wp-json\/wp\/v2\/posts\/968\/revisions"}],"predecessor-version":[{"id":1477,"href":"https:\/\/www.projectpro365.com\/user-guide\/wp-json\/wp\/v2\/posts\/968\/revisions\/1477"}],"wp:attachment":[{"href":"https:\/\/www.projectpro365.com\/user-guide\/wp-json\/wp\/v2\/media?parent=968"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.projectpro365.com\/user-guide\/wp-json\/wp\/v2\/categories?post=968"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.projectpro365.com\/user-guide\/wp-json\/wp\/v2\/tags?post=968"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}