Did you know, in Q2 2024 the Applications Ledger had a re-design?
I have been looking at how we can improve the information available to end users on the Application Ledger for both Customers and Suppliers. To summarise, we have replaced two of the columns, outstanding and outstanding to invoice (net) with Net. Outstanding, and Ret. Outstanding (Retention Outstanding). We have also added an additional column called ret. Release (Retention Release). We are still providing the same information, so we aren’t removing anything from an end user.
I will outline in detail the changes below based on transactions type, but the common information, transactions type, account, date, reference and 2nd reference is common across all transactions and hasn’t changed from before.
Applications
- Amount – This is the gross application value, prior to any deduction (discounts and retentions).
- Discount – The total discount value on the application.
- Retentions – Total retention retained on the application.
- Ret Release – This is the total amount of retention released allocated against the application.
- Net – This is the net application value, which is amount minus discount minus retention.
- Allocated – This is the total amount of valuations that are allocated against the application.
- Net Outstanding – The application net value minus the allocated valuation.
- Ret Outstanding – Total amount of retention that hasn’t been release and allocated against this application.
Valuations
- Amount – This is the gross valuation value, prior to any deduction (discounts and retentions).
- Discount – The total discount value on the value
- Retentions – Total retention retained on the valuation.
- Ret Release – This will show the total amount of retentions that have been release on the valuation.
- Net – This is the net valuation value, which is amount minus discount minus retention.
- Allocated – This now shows the total amount that has been allocated against application, this can now be used to identify valuations that have no link to an application, (previously this only would have indicated that the valuation had been posted as an invoice).
- Net Outstanding – The outstanding amount to be invoiced. (This now shows what the allocated used to show).
- Ret Outstanding – This is always 0 as retention is based on the Application.
We can see how the valuation now affects the application line when it has been allocated; the Net Outstanding has been reduced by the allocated amount.
Invoice / Credit Notes
- Amount – Invoice/credit note net amount (excluding tax).
- Discount – This is always 0
- Retentions – This is always 0.
- Ret Release – This is always 0.
- Net – This is always 0.
- Allocated – This is the total of payments/receipts allocated to the invoice/credit note
- Net Outstanding – Total outstanding value of the invoice, which is amount minus allocated
- Ret Outstanding – This is always 0.
We can now see how the invoice impacts the valuation once its has been printed and posted; the Net Outstanding has been reduced to zero.
Payments / Receipts
- Amount – Total payment/receipt amount (including tax).
- Discount – This is always 0
- Retentions – This is always 0.
- Ret Release – This is always 0.
- Net – This is always 0.
- Allocated – This is the total of payments/receipts allocated to the invoice/credit note
- Net Outstanding – Total outstanding value of the invoice, which is amount minus allocated (if posting through the application ledger, the payment/receipt will automatically allocate against the invoice/credit note.
- Ret Outstanding – This is always 0.
We can now see how the receipt impacts on the invoice; the net outstanding is now zero.
Retentions
- Amount – This is the total retention amount, created from an application
- Discount – This is always 0
- Retentions – This is always 0.
- Ret Release – This is always 0.
- Net – This is always 0.
- Allocated – This is always 0.
- Net Outstanding – This is always 0
- Ret Outstanding – Total outstanding for this retention.
If we release a retention we can then see the impact on the other transaction types. We can see the retention release valuation shows a retention release value (ret release) and an amount that is allocated. On the application, the retention release is show on the ret release column, and the retention outstanding has been reduced.
Which version is this change available in?
To make the most of these updates, you will need to have Sicon v221.0.32 of Sicon Construction installed. Please refer to the Product Downloads section of our Business Partner Portal for further information on updating Sicon modules.
Matthew Britcher - Product Owner
