Do you need to manage supplier invoice payments with retainage payment terms? Oracle Cloud Payables has a new feature that provides an easy way to pay suppliers while managing and tracking a retainage amount.
This new feature provides companies the ability to record invoices for purchase orders with retainage amounts, allowing the easy release of the amounts after satisfactory completion of work and approval from appropriate personnel.
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If you create an invoice by matching to a purchase order schedule that has a retainage rate, Payables will calculate the amount and create a retainage distribution. To release the amount previously withheld in the final payment, just create another invoice with a new invoice type of “Retainage Release”.
You can also configure reports using Oracle Transactions Business Intelligence to show detailed information about the retained amounts and their corresponding release amounts.
If you need assistance setting this up or getting it to work as desired, Perficient is here to help.