Purchase Order Line Retainage (PO55.4)

Use the Purchase Order Line Retainage (PO55.4) to allow you to add retainage percents to a purchase order line.

There are two rates that must be retained. First is the rate initially retained from each invoice payment until the percent complete (determined by what has already been invoiced) reaches the Up to Percent Complete. The second rate is what is used for retention until the project is complete.

Processing Effect

Purchase order lines can have vendor agreements with retainage attached to them. You cannot have a vendor agreement with retainage attached to a purchase order that also has retainage attached to a purchase order that also has retainage setup on it. (Retainage can be tracked on either the vendor agreement or purchase order, not both)

If there is an agreement which is subject to retainage, the retainage fields will not be populated on the PO header. Retainage will be tracked on the vendor agreement.

The percent complete will be updated when an invoice is matched to the purchase order. The percent complete values will also be recalculated if the unit amount or quantity has changed on a purchase order line. The recalculation will occur on a change function of a line.

More Information

There are three required fields for retainage: First Retainage Percent, Up to Percent Complete, and Track Percent Complete.

The percent complete is computed at the purchase order header level (compares the purchase order amount to the accumulated invoiced amounts for all lines) and at the individual line level (purchase order line amount compared to amount invoiced for the line). The percent complete is always computed at the line level and at the header level. However, the track percent complete flag on the purchase order will determine which value is used (either line or header percent complete) when defaulting the retainage percent to the invoice line.