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retention amount in receivables

Discussion in 'Oracle Financials' started by sh_heidary_s@yahoo.com, Jun 18, 2014.

  1. sh_heidary_s@yahoo.com

    sh_heidary_s@yahoo.com Active Member

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    Hi all,
    Customer hold 10% of 600,000$ invoice amount until the end of work to guarantee the doing the work well.I mean if everything be going well, customer pay it at the latest invoice.
    At the time of creating invoice,I want to track retention money(which is for example 10% of invoice amount) in separate receivable account. How do I split receivable account in AR Invoice?
    e.g. we have manual invoice to create for $600,000 where $588,000 should go in 130101receivable account and $60,000 should go in 142101 Retention account.
    the desired accounting is as follow:
    Account Accounting Class Accounted DR Accounted CR
    01.0.130101.0000.00000.00000 Receivable 588,000 DR
    01.0.142101.0000.00000.00000 Retention1(10%of 600,000)60,000 DR
    01.0.510100.0000.00000.00000 Revenue 600,000 CR
    01.0.330198.0000.00000.00000 Tax1(5.3%) 31,800 CR
    01.0.330199.0000.00000.00000 Tax2(2.7%) 16,200 CR