Release retainage for prime invoices

About retainage

• Sage Construction Management stores and tracks retainage by job cost code, not per invoice detail.
• Typically, retainage is released in a separate invoice when all the work is complete according to specifications.
• Retainage is also referred to as retention or holdback.

New prime invoice using the Add Prime Contract Invoice wizard

1. Create a prime contract invoice according to the appropriate contract type as follows:

   • Fixed Lump Sum
   • Cost Plus
   • Unit Price

2. During setup, specify work or stored retainage for each cost code using the retainage field in the wizard.

3. Submit the invoice.

Release retainage for multiple cost codes in existing prime invoices

1. Go to Projects and select the appropriate project in the Quick Select section.

2. Select Prime Invoices in the Client Contract Admin section.
3. Select the appropriate prime invoice number from the list.
4. In the Financial and Retainage Summary section, select View Retainage Summary by Cost Code.

   Alternatively, you can select View Invoice Details - Released Retainage (Billed Retainage) in the Invoice Details section.

5. Select one or more job cost codes from the list and select Choose Bulk Action.
6. In the dialog, select one of the following options:
   • Work Retainage Release Amount
   • Work Retainage Release %
   • Stored Retainage Release Amount
   • Stored Retainage Release %
7. Enter the amount or percentage in the available field.

   To enter a percentage, type the numeric value only. For example, enter 100 to represent 100%.

8. Select Save.
9. Select Save & Close.

Release retainage for individual job cost codes

Go to Projects and select the appropriate project in the Quick Select section.

1. Select Prime Invoices in the Client Contract Admin section.
2. Select the appropriate prime invoice number from the list.
3. In the Financial and Retainage Summary section, select View Retainage Summary by Cost Code.

   Alternatively, you can select View Invoice Details - Released Retainage (Billed Retainage) in the Invoice Details section.

4. For each individual job cost code, enter the Work Release Amount or Stored Release Amount.

   The amount must be less than or equal to the respective total retainage amount (sum of previous and current retainage).

   Stored retainage is only applicable to Fixed Lump Sum prime contracts.
5. Optionally, select a Tax Code, if applicable.

   In the US, the tax code field is typically left blank. For other countries, however, a tax code might be applicable.

6. Select Save & Close.