The new retainage release process is not needed for many companies. The original process worked without having to add additional permissions to staff, worked with existing third-party imports and does not really supply new information. Not to mention the fact that it is not transferring the release to the AP Aging reports.
Sue Renfro
| Company | Colorado Stuctures, Inc. |
| Job Title / Role | Controller |
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Will not implement
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Will not implement
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This new feature that Vista is adament about keeping, that also seems to create such disappropriation with their CUSTOMERS creates problems for me WEEKLY. Who asked for this?!
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Boooo!! This is the most unamerican thing ViewPoint has ever done! Not implementing this is like selling me a pepperoni pizza and then showing up at my house and saying "Sorry, we did a poll recently and found out most Americans don't want pepperoni on their pizza, so we're going to have to take the pepperoni back." and then I'd be like "No, you can't touch my pizza. I want the pepperoni. Plus you're not allowed to touch my food after you give it me. You want me to get coronavirus or something?" and then you're like "Well, you're on the cloud so, you don't get to really decide. I'm taking the pepperoni no matter what!" and then you pull a gun on me and force me to give you the pizza to pick all the pepperoni off. Yup.
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Some background - we heard from many GCs and Civil contractors working multi-year projects that their AP retainage was considered a long term payable. When released, proper accounting required reclassifying that long term R/P as current A/P. Our existing release process did not support a GL update and therefore required development of a new AP Release Retainage workflow.
We had assumed retention would be paid immediately (or very shortly) following release, and the a GL update to move R/P to A/P was not needed (i.e. would be offset when payment was posted) nor would aging be a concern. However, we discovered that some contractors will release retention and then either intentionally or unintentionally delay payment (i.e. apply other hold codes). If this happens at month end or extends for any significant amount of time, it becomes increasingly difficult to tie out AP with GL and your AP Aging reports present inaccurate information.
Making retention release an independent workflow, similar to what happens in AR (but w/o the new invoice) provides accurate accounting and an audit including release date and user making the release (can also be easily reversed should a correction be needed). AP Open Payables and Aging reports now recognize and properly display retention as an open payable after release.
Our intent was to address the legitimate accounting concerns, but do so in a way that did not unnecessarily burden AP with additional work. We are open to suggestions for improving the workflow and making it easier to use, but are not inclined to offer shortcuts that circumvent GAAP
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I have to pull the invoice up in AP workfile, release all other hold codes, DELETE it from the AP workfile, open AP release retainage, release the retainage, then go and pull it up in AP workfile. That whole process is unnecessary. Truly a giant waste of time. Would like to see this optional as well.
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