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Retainage in Construction

  • 8 March 2024
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  1. How is retainage treated?  In D365 F&O, there are two options – full amount and full amount less retainage.  What options are the in Acumatica?
  2. Is there functionality to accrue tax differentials?  In D365 F&O, there is a feature for Post Positive Sales Tax Adjustment as Use Tax and when this feature is enabled, SureTax will accrue tax differences.  For example, if vendor charges sales tax of $10 and the tax platform calculates tax of $15, the $10 sales tax is included in the vendor payment and the tax platform will accrue $5 use tax.  Is there similar functionality in Acumatica?
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Best answer by Laura02 8 March 2024, 19:22

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Hello,

  1. Acumatica offers retainage in both AP and AR. In each case, default % is configured on each vendor or customer and may be further changed, if needed, on a document by document basis. Release Retainage process creates the final invoice/bill. Aging reports can be printed with and without Retainage.
  2. Acumatica definitely has Use Tax features. If the tax is incorrect, it can be modified on the Taxes tab of an AP Bill. I don’t know of any feature that will capture under-charged tax from your vendor, other than accommodating corrections that the AP Clerk may make on the Taxes tab of the AP Bill.

 

Thank you.

Laura

Badge +18

Hello again,

I just noticed a new post by Acumatica, about Use Taxes. Acumatica Engineering Team is considering new features related to construction materials and Use Tax.  Maybe you’d like to provide ideas?

 

Laura

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