{"id":12779,"date":"2015-10-08T08:27:50","date_gmt":"2015-10-08T08:27:50","guid":{"rendered":"http:\/\/www.greytrix.com\/blogs\/sageaccpacerp\/?p=12779"},"modified":"2015-10-08T08:27:50","modified_gmt":"2015-10-08T08:27:50","slug":"auto-retention-amount-configuration-in-sage-erp","status":"publish","type":"post","link":"https:\/\/www.greytrix.com\/blogs\/sageaccpacerp\/2015\/10\/08\/auto-retention-amount-configuration-in-sage-erp\/","title":{"rendered":"Auto Retention Amount Configuration in Sage ERP"},"content":{"rendered":"

In SAGE 300<\/a>, a very useful feature helps in identifying the available retention money deduction at the time of AP Invoice. Most of the organizations practice that they book \/ deduct retention money from vendor invoice, which is refunded later on to vendor. In SAGE 300, this same function can be done easily.<\/a>
\nYou can maintain retention percentage (%), Retention Period and Retention Term \u201cVendor\u201d wise separately and the system will auto deduct retention money at the time of vendor bill booking. First of all you have to mention retention percentage, period and term in Vendor master in Invoicing Tab.
\nNew Stuff:\u00a0<\/strong><\/em>Item Serial Registration<\/a>
\nSuppose you have a vendor and want to deduct the retention amount from each invoice or random invoice at the rate of 10%. Then you have to mention the retention % in vendor master as shown in the above screen.
\nNow you can book an invoice of a vendor, if the amount of an invoice is INR 5000\/-, then system will auto deduct retention amount from the AP Invoice INR 500\/- (Retention Amount @ 10% as defined in vendor master) and actual vendor account will be affected by INR 4500\/-. Please refer below screen shot.
\n\"1\"<\/a>
\nWhen you will post the invoice, then its GL effects will be such as
\nExpense A\/c\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 5000 Dr.
\nVendor Control A\/C\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 4500 Cr.
\nRetention A\/c\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0500 Cr. (Mapped Ledger in Account Set)<\/strong>
\nWhen you will try to release payment of that particular vendor against that particular Invoice, then system will show only INR 4500\/- due not INR 5000\/- because INR 500\/- adjusted with Retention A\/c as explained above. Please refer below screen shot.
\n\"1\"<\/a>
\nLater on you can generate \/ create a retention invoice against the same AP Invoice (890 as showing in above screen) for INR 500\/- when you have to release the remaining amount to vendor. Please refer below screen shot
\n\"1\"<\/a>
\nWhen you will post the retention invoice, then system will post the accounts such as
\nVendor Control A\/c\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 500 \u00a0Cr.
\nRetention A\/c\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 500 Dr.
\nWhen you will try to release the payment to that particular vendor, then retention Invoice of INR 500 will also be shown in the list and you can release the payment against that invoice as well.
\nHere you have seen that after mapping few masters, system take care all about the retention money control over AP Invoices.
\nAlso Read:<\/strong>
\n1.\u00a0Retainage Accounting<\/a>
\n2.\u00a0Allow Non Inventory Item Option in PO<\/a>
\n3.\u00a0Allow Fractional Quantities in Purchase Order<\/a>
\n4.\u00a0Allow edit of System generated batches<\/a>
\n5. \u00a0Allow Adjustments in Payment batches<\/a>
\n <\/p>\n","protected":false},"excerpt":{"rendered":"

In SAGE 300, a very useful feature helps in identifying the available retention money deduction at the time of AP Invoice. Most of the organizations practice that they book \/ deduct retention money from vendor invoice, which is refunded later on to vendor. In SAGE 300, this same function can be done easily. You can\u2026 Read More »<\/a><\/span><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-12779","post","type-post","status-publish","format-standard","hentry","category-sage-accpac"],"yoast_head":"\nAuto Retention Amount Configuration in Sage ERP - Sage 300 ERP \u2013 Tips, Tricks and Components<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.greytrix.com\/blogs\/sageaccpacerp\/2015\/10\/08\/auto-retention-amount-configuration-in-sage-erp\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Auto Retention Amount Configuration in Sage ERP - Sage 300 ERP \u2013 Tips, Tricks and Components\" \/>\n<meta property=\"og:description\" content=\"In SAGE 300, a very useful feature helps in identifying the available retention money deduction at the time of AP Invoice. 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