Adding retainage information

Retainage values are interfaced through vendor contracts or purchase orders that have been set up to include a retained amount. For example, when an invoice is matched with a purchase order. If the purchase order includes a retained amount, then a portion of the invoice is placed on hold until it is released for payment.

Note that there are two levels of retainage: one at the header and one at the line level.

If you are using retainage on a contract line, add the retainage information before you create the contract line. The values that you specify for the First Retainage Percent and Up to Percent Complete fields are displayed on the Retainagetab. When you change the default values that are displayed, you must also define the Maximum Amount field at the contract line level.

Select Manage Contracts.
Select a contract.
On the Retainage tab, specify this information:
Track Percent Complete
Select where to track the project's percent-complete.
- Header Level
- Line Level
After you select an option, more fields are available.
First Retainage Percent

Specify a number to define the first retainage percent. For example, 15% of funds are retained until a specified percent of the project is complete.

Up to Percent Complete

Specify a number that defines the percent up to which the first retained amount is complete. For example, 15% of funds are retained until 80% of the project is complete.

Second Retainage Percent

Specify a number to define the second retainage percent. For example, after the project is 80% complete, a second retainage of 5% is withheld until the project is complete.

Retainage Invoices Due

Specify the due date of the retainage part of the invoice. This is a specific number of days after the contract expiration date.

Override Percent Complete

Specify a percentage complete to use instead of the calculated percentage.

Lifetime Maximum Amount

Specify the lifetime maximum amount that will be retained.
Click Save.