retainage release invoices in oracle ap - erpschools
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Retainage Release Invoices in Oracle APTRANSCRIPT
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Retainage Release Invoices in Oracle AP:
Retainage means retaining certain amount of money with us without paying the supplier
in full. The retained amount is released or paid to the supplier when all the terms of the
agreement have been met or all the work is completed.
Pre-requisites:
1. Retainage Account setup:
Navigation: Payables Responsibility > Setup > Options >Financials Options
Under Accounting tab, make sure you define the Retainage Account.
2. Define the retainage rate for the supplier.
Navigation: Payables Responsibility > Suppliers > Entry
Query for the Supplier and go to Invoice Management Tab
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November 2014
M T W T F S S
Oct
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Rs. 1,199 Rs. 1,199 Rs. 2,199
Rs. 1,095 Rs. 1,499 Rs. 1,399
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Can we create an Invoice without
a PO in payables?
asked by
Prudhvi
What table holds the link
between OM and AR?
asked by
Prudhvi
What does TCA stand for? What
is it used for ?
asked by
Prudhvi
Specify the steps that need to be
done starting from creating an
invoice until transferring it to GL in
AP.
asked by
Prudhvi
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Under Terms tab, enter the retainage percentage for the desired site and save.
Steps to create and release retainage:
1. Create Complex PO:
Navigation: Purchasing Responsibility > Buyer Work Center > Orders
Choose Complex Services (Actuals) PO from the LOV next to Create field and click on
go.
Enter the below details:
Under Header Section: Enter Supplier and Supplier Site
Under Lines Tab: Enter Item, Qty, Price and need by date.
Delete the additional blank lines and save.
Name the standard Key Flexfields
in AR.
asked by
Prudhvi
Can you make a partial payment
for an invoice in AP?
asked by
Haritha
What are Payment Terms?
asked by
Prudhvi
What are Aging Periods used for
in AP?
asked by
Prudhvi
What is the process/steps for
Vendor Conversion?
asked by
Prudhvi
What is the name of the program
used to import expense reports into
AP? Name the tables that store the
expense reports related date.
asked by
Haritha
Retainage Release Invoices in Oracle AP - erpSchools http://www.erpschools.com/financials/retainage-release-invoices-oracle-ap
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Next click on Update icon. If you have not defined the retainage percentage at Supplier
site level, you can set it now. Based on the percentage defined here, the respective
amount will be retained. You can also specify Maximun retainage amount here which
means retained amount cannot exceed the amount specified here.
Under Pay Items tab: Enter the Value (%).
Under Distributions Tab: Enter Deliver to location.
Click on Submit.
Complex PO 6621 has been successfully created.
In the Views dashboard, search for My Open Orders and make sure your order is
Approved.
2. Create Standard Invoice:
Retainage Release Invoices in Oracle AP - erpSchools http://www.erpschools.com/financials/retainage-release-invoices-oracle-ap
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When you receive an invoice from the supplier, create one in your system.
Navigation: Payables responsibility > Invoices > Entry > Invoices
Enter the header details Operating Unit, Trading Partner, Supplier Site, Invoice Date,
Invoice amount (given the amount as 10000).
Click on Match button.
Enter the Purchase Order num as 6621 and click on Find.
Check the Match check box and click on Match button.
You will see that 20% of the invoice amount has been retained which means we will only
pay the 80% of the invoiced amount.
Now click on the Calculate Tax button. Adjust the invoice amount accordingly on the
header and validate the invoice by going to Actions > Validate.
Retainage Release Invoices in Oracle AP - erpSchools http://www.erpschools.com/financials/retainage-release-invoices-oracle-ap
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Look at the Line entries
Distribution entries:
The retainage account that we have defined in the pre-requisites section will be used
here.
With this our standard invoice RetInv has been created and validated.
Create Accounting by going to Actions > Create Accounting. Choose Final Post.
Retainage Release Invoices in Oracle AP - erpSchools http://www.erpschools.com/financials/retainage-release-invoices-oracle-ap
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3. Pay the standard invoice.
Go to Actions > Pay in Full
Enter the payment Process profile and save. Payment of $8232 has been made after
taking out the discounts. Remember even thought the total invoice amount is $10552,
only 80% of it has been paid. 20% has been retained.
4.Create Retainage Release Invoice
Now when the entire work has been completed, we release the retained amount by
creating a retainage release invoice.
Navigation: Payables Responsibility > Invoices > Entry > Invoices
Choose Invoice Type as Retainage Release.
Enter Supplier details, Invoice date and number.
In the Invoice Amount field, enter the amount that you will release + taxes.
Enter the retained amount without taxes in the field Release Amount Net of Tax
Save the work.
Retainage Release Invoices in Oracle AP - erpSchools http://www.erpschools.com/financials/retainage-release-invoices-oracle-ap
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Now click on Match button and enter the PO num as 6621 and click on Find button.
Select the check box next to Retained line and click on Release button.
Now Calculate Tax. Adjust the Invoice amount to include the tax and validate it.
Kick off the Create Accounting process by going to Actions > Create Accounting > Final
Post.
Retainage Release Invoices in Oracle AP - erpSchools http://www.erpschools.com/financials/retainage-release-invoices-oracle-ap
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5. Pay the retained amount.
Go to Actions > Pay in Full.
Enter the payment Process profile and save. Payment of the retained amount + taxes
has been made after taking out the discounts.
With this we have successfully retained certain amount and once the work is complete,
we have released the retained amount to the supplier.
Retainage Release Invoices in Oracle AP - erpSchools http://www.erpschools.com/financials/retainage-release-invoices-oracle-ap
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