[Real Estate] Cutover Strategy for Open PO's with Retention and DP
I would like to consult with you how to migrate Open PO's with retention and DP? My client have subcontractors who build establishments for them. The subcontractors are the one responsible for all the materials/services needed for the construction, so basically my client only buys and pays the service of building. They use progress billing with downpayment and retention. During cutover we have the following scenarios. Kindly advise the best way to handle them?
A. In the legacy system, the PO price is $10,000. A downpayment of 20% = $2,000 has been made. How do we migrate the PO such that the downpayment made and pending downpayment clearing are considered?
B. In the legacy system, the PO price is $10,000. A downpayment of 20% = $2,000 has been made. 1st billing for 30% work completion is done with 30% DP recoupment and a 5% retention which means a total of $2,250 has been paid. How do we migrate the PO such that the downpayment made, remaining amount to be cleared in the downpayment, and the retention are considered?