Examples

Note that a new account is required in default settings – Retention Recouped – Ret Recoup.

In job costing, whenever an Accounts Payable invoice is entered, the transaction is simple (disregard the tax)

•      Debit - WIP as per job type properties

•      Debit - GST Paid

•      Credit - Trade Creditor

Using the following General Ledger accounts as examples

Job Type Properties

•      WIP Account

•      REV Account

•      COS Account

Other General Ledger Accounts

•      Trade Creditors - from supplier account group

•      Retentions Payable - from GJC defaults for retention

•      GST Paid - tax code setting as per system maintenance

•      Deferred WIP - from GJC Defaults for retention (only for retentions before tax)