Generating project contract retainage invoices by contract

Retainage is a portion of the contract that is withheld until the work is complete. This assures that the contractor or subcontractor satisfies its obligations and completes a construction project. At the end of the project, the amount that was withheld during invoicing is invoiced as a retainage invoice. Retained amount lines from journalized invoices are included on the invoice. Retainage lines can be removed from the invoice before running the journalize action.

You cannot create a retainage invoice that is outside of the date range of the contract. The project that is used for posting the retainage transaction is not subject to any date checks until the GLTransactionDetail record is created. You cannot create an invoice for a retainage that extends beyond the boundary of the contract.

Steps for deleting, removing, submitting for approval, and journalizing retainer invoices are the same steps used for regular billing invoices.

  1. Sign in as Project Accountant, Project Administrator, or Project Manager.
  2. Select Project Contracts.
  3. On the Contracts tab, open a contract.
  4. Select Actions > Generate Retainage Invoices.
  5. Specify this information:
    Through Date
    Specify a date to select the retainage amounts.
    Invoice Date
    Specify the invoice date. The date must be within the contract date range.
    Print Status
    This field is displayed when the Third Party Invoice Print check box is selected on the Options tab of the finance enterprise group. Select the status for the invoice. The print status can be updated on the invoice that is in a Created or Journalized status. The ProjectContractInvoice business class for PrintStatus = Print is queried by the third party invoicing system. This status indicates to the third party to create an invoice.
  6. Click Submit.
  7. To view the new invoice, click the Invoices tab.