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.