Improve the Accuracy of Reporting with Retention Release Tracking in Vista
2 Minute Read
When it comes to construction accounting, staying on top of the general ledger is vital for contractors’ financial health. An up-to-date general ledger gives contractors a clear view into just how much cash is on hand, what’s been paid, what has yet to be paid, to help forecast and anticipate for the future.
Many project contracts though, include retention. Just like project owners will often pay contractors for work done in installments, contractors don’t want to pay subcontractors for work that has yet to be completed, so parties will agree to set payment schedules based on timelines or work completed. Payment is retained until those milestones or conditions are met. But managing retainage and maintaining a fluid bottom line can be tricky and missed steps in the accounting process can tie up the books.
Viewpoint’s Vista 6.19 release offers improved vendor retainage release options and reporting to help update general ledgers and allow Vista’s AP Aging to distinguish between released from held retainage. A new form field called AP Release Retention lets users filter invoices with retention, assign dates, restrict payable types, facilitate retainage releases and more.
This extra level of oversight helps ensure that retention payments are streamlined and errors or oversights are reduced. Watch this quick video to see this in action:
To learn more about how your organization can streamline your construction processes with modern technology, connect with Viewpoint today!