Forfeit Retainage
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SUMMARY:
Retainage is forfeited if predetermined milestones are not met. All expenditures related to an Award with Retainage Terms are maintained in the system until the Award is closed. An Award is not considered closed until the Award terms have been satisfied and retainage has been fully paid out or Award terms are deemed to have not been satisfied and retainage is forfeited. The Retainage Payout chain process will generate a Retainage Payment Forfeiture transaction. The Payout Method, Scheduled Payment Date, and Requested Retainage Release/Forfeiture Amount will be entered in the Payout Terms section on Retainage Summary By Commodity Line page. The payout will be generated on the transaction through the nightly batch process.
PLEASE NOTE: This is a multi-day process.
DAY 1:
1. Log into CORE and navigate to the Global Search Bar.
2. Type RTGSUM into the Global Search Bar to populate the Retainage Summary by Commodity Line (RTGSUM) page.
3. Search for the award transactions by narrowing the search fields as needed:
Enter Award Transaction Dept
Enter Award Transaction ID (If searching for a specific award)
Enter Vendor (If searching for a specific vendor)
Click Apply.
Results will appear in the Grid.
Review the appropriate award to verify the Total Retainage Unpaid and Total Retainage Withheld.
5. Click on the caret to expand the transaction line and navigate to the Payout Terms subsection.
6. Enter the payout terms in the following fields:
Payout Method: Choose Forfeiture to Expenditure from the Drop Down Menu
Scheduled Payment Date
Requested Retainage Release/Forfeiture Amount
Click Save.
The retainage payout will process in the nightly cycle and generate an RTGPF transaction.
DAY 2:
1. Navigate to the Transaction Catalog. Enter the following search fields:
Transaction Code: RTGPF
Transaction Dept: AAHA (for this example)
Created On: 11/03/2023 (for this example)
Results will appear in the grid. The RTGPF transaction should be in Draft phase and Held status.
2. Click on the hyperlink to open the RTGPF transaction.
Click Validate.
Transaction should validate successfully.
Add supporting documentation as needed.
The RTGPF draft will need to have the Funding Profile, Funding Priority, and Funding Line fields in the Accounting tab COA section either all three entered or all three blank on all accounting lines. Please use agency policy as appropriate.
3. Submit the transaction for approval.
4. Once the RTGPF transaction is approved, verify the RTGSUM page was adjusted accordingly to show the Total Retainage Forfeited by typing RTGSUM in the Global Search Bar.
Enter appropriate search fields:
Award Transaction Department
Award Transaction ID
Click Apply
Results will appear in the grid to verify the Total Retainage Forfeited.
