Releasing AP retainage in Sage Intacct is an important process for managing your accounts payable effectively. This tutorial, based on my instructional video, will guide you through the process step-by-step.

Steps to Release AP Retainage in Sage Intacct

1. Establish Balances with AP Aging Report: First, run the AP Aging Report in Sage Intacct to establish the balances in the system. For example, in the video, I refer to a record for Cardinal Contracting with a retainage balance of $4,500.

2. Navigate to Retainage Section: Go to the accounts payable section in Sage Intacct and click on the retainage section.

3. Create New AP Release Retainage Record: In the retainage section, click 'Add' to create a new AP release retainage record. The release date will default to the current date, but you can change it if necessary. Also, set the GL posting date—the date the transaction will post to the General Ledger.

4. Enter Transaction Details: Enter a transaction description in the description field, then click 'Save and Continue'.

5. Add Retainage Details: On the details section, click 'Add'. This displays all available retainage balances. Use advanced filters or quick filters to narrow down your search. For instance, select projects starting with "24" and vendors starting with "C" to find specific records.

6. Select and Add Records: After applying filters, select the appropriate record (e.g., Cardinal Contracting for Project Metropolis). Check the box next to the record, click 'Add Selected', then 'Done'.

7. Enter Retainage Amounts: On the details screen, the selected records will appear. Enter the amount in the 'Amount to Release' field. For example, if the retainage balance decreased to $4,000, you would release $500.

8. Reverse Retainage Invoice (if necessary): To reverse a retainage invoice, go to accounts payable, then bills. With the appropriate permissions, select the delete checkbox and complete the transaction reversal.

9. Refresh and Review: Finally, refresh the report to see the updated retainage column, reflecting the released amount.

This tutorial provides a clear process for releasing AP retainage in Sage Intacct, ensuring accuracy and efficiency in your financial management.

For a detailed visual guide and further explanation, you can watch my original video tutorial here: How to Release AP Retainage in Sage Intacct