Home » Listing Details
Top Websites
  1. Dynamics GP Help
    Over 6100 resources listed.
  2. Mark Polino's DynamicAccounting.net
    Over 5100 resources listed.
  3. Rose Business Solutions Blog New
    Over 2200 resources listed.
  4. Developing for Dynamics GP - By David Musgrave and the MS GP Dev Support Team
    Over 1100 resources listed.
  5. Mariano Gomez at The Dynamics GP Blogster
    Over 1000 resources listed.
  6. Microsoft Dynamics Partner Community Blog
    Over 900 resources listed.
  7. Christina Phillips, Steve Endow & Lorren Zemke at Dynamics GP Land
    Over 700 resources listed.
  8. Mohammad Daoud's Dynamics GP Blog
    Over 600 resources listed.
  9. Vaidy Mohan at Dynamics GP - Learn & Discuss
    Over 500 resources listed.
  10. Inside Microsoft Dynamics GP Official Blog
    Over 500 resources listed.
  11. eOne Business Solutions Blog
    Over 400 resources listed.
  12. About Dynamics, Development and Life
    Over 300 resources listed.
  13. Frank Hamelly at GP2theMax
    Over 300 resources listed.
  14. Dynamics CPM
    Over 300 resources listed.
  15. BKD Dynamics GP Insights Blog
    Over 200 resources listed.
  16. Leslie Vail at Dynamics Confessor Blogspot
    Over 200 resources listed.
  17. Victoria Yudin's Dynamics GP Website
    Over 200 resources listed.
    Victoria Yudin
  18. Janakiram M.P. at DynamicsBlogger
    Over 100 resources listed.
  19. VS Tools Forum
    Over 100 resources listed.
    Your Resource for Visual Studio Tools for Dynamics GP
  20. Inside Microsoft Dynamics GP Official Blog
    Over 100 resources listed.
  21. US Dynamics GP Field Team Blog
    Over 100 resources listed.
  22. Catherine Eibner MBS Developer Evangelist
    Over 100 resources listed.
  23. Sivakumar Venkataraman at Interesting Findings & Knowledge Sharing
    Over 100 resources listed.
  24. Dynamics Small Business
    Over 100 resources listed.
  25. Belinda, The GP CSI
    Over 100 resources listed.

ID:12313
Title:Weekly Dynamic: Retention on Time and Material Projects in Project Accounting
URL:http://msdynamicsgp.blogspot.com/2009/11/weekly-dynamic-retention-on-time-and.html
Description:
Retention (also commonly called Retainage) is a process where amounts (typically a flat percentage) are held back each sales invoice until a project is complete as a form of performance guarantee. Typically, once the final project milestones are met and approved, the vendor has to submit a final invoice to bill the amounts that have previously been retained.

By default, the Project Accounting module in Dynamics GP 10 supports Retention for Fixed Price project only. This is the most common scenario. But, I recently ran across a client who needed retention functionality for Time and Materials type projects. If all of the elements are there, this can be accomplished without any customization.

In a nutshell, the Trade Discount functionality, if it is not being used elsewhere, can effectively masquerade for retention. Here is how you can make it work.

Setup:
  • Set the Discount Percentage on the Project Billing Settings screen to the retention percentage.
  • Set the Trade Discount account in Posting Accounts to a balance sheet account to hold the retained amounts.
  • Create a Retention Cost Category to hold the final billing of retention. 
  • Trade Discount will need to be renamed as Retention on any related invoices
Billing:
  • Process billing transactions normally using cycle biller or billing entry. GP will automatically subtract the trade discount crediting revenue and debiting the retention account.
Project Completion:
Billing retention is typically a bit of a production. Normally there are significant contractual requirements and signatures required before final billing can be completed. Once that is done, there are few things required in Project Accounting to bill the final amounts.
  • Use a Smartlist to obtain the total amount retained using the Trade Discount field from Billing.
  • Process a billable Miscellaneous Log transaction for zero cost.
  • Remove the Discount Percentage prior to final billing to avoid calculating retention on the retention amount.
  • Alternatively, zero out the Trade Discount amount on the final billing prior to posting.
  • Create an invoice via Billing Entry and set the amount to be billed equal to the amount retained.
  • Print and post normally
Reporting:
  • When reviewing projects, the amounts retained are ready visible in each billing transaction in the Trade Discount field.
  • The retained amounts also appear in Smartlists as Trade Discounts. In Smartlist favorites this field can easily be renamed to Retention.

While less common in T&M projects, retention can be required there as well. Assuming that the Trade Discount field is available, this simple workaround allows accounting for retention on T&M projects without customization.




Category:TIPS AND TRICKS BY MODULES: Project Accounting
Link Owner:
Date Added:June 17, 2010 08:07:51 PM
Number Hits:23
RatingsAverage rating: (0 votes)
Reviews

No Reviews Yet.

 
GPWindow.com

Thank you for your support for GPWindow. It helps us cover part of the hosting costs for GPWindow.