Construction Project - How to manage Retainage for Customer Payments using #odoo #odoocommunity app
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Customer retainage account management is
Customer retainage account management is a crucial aspect of construction projects, especially in the realm of contract management and financial control. Retainage refers to the portion of a contract payment that is withheld until the project is substantially complete, usually as a form of security for the client against defects or incomplete work. Here's a breakdown of how it works and how it's managed:
The module is Free of cost available here - https://apps.odoo.com/apps/modules/16...
This module provide a feature to plan for retention during invoice / payment. And return it at later time.
- At Vendor Bill (or Customer Invoice), user can plan the retention by percent/amount
- At Payment, to retain the amount as planned (enforce / not enforce)
- At a later time, with another Vendor Bill (or Customer Invoice), user can select the retained payment in order to return it
Odoo for Construction Accounting
Odoo Accounting for construction company
Accounting for construction contracts| Construction Accounting explained with example.
How to manage Accounting for Construction projects with mobilization advance, VAT and Retention from progress invoices.
Recognition of revenue using project milestone method in construction project in odoo.
Benefits of Retainage for long term projects:
Understanding Retainage: Retainage is typically a percentage (often around 5-10%) of the total contract amount. It's held back by the client or project owner until the project is satisfactorily completed. Once the project reaches substantial completion, the retainage is released, usually after a specified period for rectifying defects.
Accounting for Retainage: Proper accounting is crucial in managing retainage. This involves keeping accurate records of retainage amounts held back from each payment, tracking the percentage completed, and ensuring that the retainage amount is calculated correctly.
Retention Releases: As the project progresses, and milestones are achieved, portions of the retainage may be released. This release typically happens in accordance with the terms outlined in the contract. Proper documentation is essential for these releases, including inspection reports and sign-offs confirming completion of specific phases.
The module is Free of cost available here - https://apps.odoo.com/apps/modules/16...
This module provide a feature to plan for retention during invoice / payment. And return it at later time.
- At Vendor Bill (or Customer Invoice), user can plan the retention by percent/amount
- At Payment, to retain the amount as planned (enforce / not enforce)
- At a later time, with another Vendor Bill (or Customer Invoice), user can select the retained payment in order to return it
Odoo for Construction Accounting
Odoo Accounting for construction company
Accounting for construction contracts| Construction Accounting explained with example.
How to manage Accounting for Construction projects with mobilization advance, VAT and Retention from progress invoices.
Recognition of revenue using project milestone method in construction project in odoo.
Benefits of Retainage for long term projects:
Understanding Retainage: Retainage is typically a percentage (often around 5-10%) of the total contract amount. It's held back by the client or project owner until the project is satisfactorily completed. Once the project reaches substantial completion, the retainage is released, usually after a specified period for rectifying defects.
Accounting for Retainage: Proper accounting is crucial in managing retainage. This involves keeping accurate records of retainage amounts held back from each payment, tracking the percentage completed, and ensuring that the retainage amount is calculated correctly.
Retention Releases: As the project progresses, and milestones are achieved, portions of the retainage may be released. This release typically happens in accordance with the terms outlined in the contract. Proper documentation is essential for these releases, including inspection reports and sign-offs confirming completion of specific phases.
6 ماه پیش
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