Retainage

[amicguys]

HI All,

What is the natural Account type for Retainage

i mean laibility or Asset

Thanks in advance
Vijay[?][:)]

[yugeswaraoracle]

hi kishore ,
hope ur doing well, retainage will consider as oustanding income and canbe entered in assets side of the balance sheet these all as per my knowledge , i can get back to soon with full confidence as i get answer from some other source, let me know if u get answer. thanks

regards
yugesh

[yugeswaraoracle]

To make it more clear it can be outstanding expense "Retainage release invoices can only be entered manually in the Invoices Invoice Workbench window Retainage release is the act of releasing, or paying, that portion of a payment that was withheld until a substantial portion or all of the service procurement work is completed. The amounts retained during the life of the contract must be released and
paid to the supplier or sub-contractor once all or a substantial portion of the work is completed. Retainage terms in a service procurement contract are agreed upon by the buyer and the supplier and are defined in the contract. Oracle Payables receives any required contract data from Oracle Purchasing, Oracle Projects, and Oracle Contracts. Once the release criteria are met, suppliers request a release of the retained amount by submitting a document called a Retainage Release Request.
Oracle Payables uses the Retainage Release Request to create a type of invoice called Retainage Release. A retainage release invoice has lines, which are copied from the original standard progress invoices, which show an amount left to be released" thanks yugesh

[apps.syed]

Hi,

Retainage Account is liability account suppose u r a building contractor and i build my house to u i pay u the installments regarding contract but in last time i retain some amount and i'll give u with completion of my work the amount which i retain is liable to pay so thats why the retainage account is liability account hope u understand..

Thanx
Apps