Adding retainage information

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

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

Note: 

If you are using retainage on a contract line, add the retainage information before you create the contract line. The values you type for the First Retainage Percent and Up to Percent Complete fields default on Update Contract Line > Retainage tab. You can change the default values that display; however, you must also define the Maximum Amount field at the contract line level.

To add retainage information

  1. Access Contract Management > In Progress tab.
  2. Select a contract to which you want to add retainage.
  3. Click the Retainage tab.

    Use the following guidelines to enter field values:

    Track Percent Complete

    Required. Select to track the project's percent-complete at the vendor agreement level or at the line level.

    First Retainage Percent

    Required. Type 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

    Required. Type a number to define up to what percent complete the first retained amount is to be used.

    For example, 15% of funds are retained until 80% of the project is complete.

    Second Retainage Percent

    Type 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 completed.

    Retainage Invoices Due

    Indicate the due date of the retainage part of the invoice to be a specific number of days after the contract's expiration date.

    Override Percent Complete

    Type a percentage complete for the application to use instead of the calculated percentage.

    Lifetime Maximum Amount

    Required. Type the lifetime maximum amount to be retained.

  4. Click Save.

    Retainage information can be used to track the project's paid portions against the unpaid portions.

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