Release retainage for prime invoices

Retainage, also called retention or holdback, is tracked by job cost code rather than by item type, such as original contract items or change orders. It’s typically released in a separate invoice after all work meets the specifications.

Create a 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 individual or multiple cost codes in existing prime invoices

1. Go to Projects and select the appropriate project in the Quick Select section.
2. On the Project Home page, 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. Optionally, use the Search field to filter the items.

6. To release retainage for each individual job cost code, do the following:

   1. Enter the Release Amount for Work Retainage or Stored Retainage.

      The amount must be less than or equal to the respective total retainage amount, which is the sum of previous and current retainage.

      Stored retainage is only applicable to prime invoices of Fixed Lump Sum prime contracts.
   2. 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.

7. To release the same retainage for multiple job cost codes, do the following:
   1. Select one or more job cost codes from the list and select Choose Bulk Action.
   2. In the dialog, select one of the following options:
      • Work Retainage Release Amount
      • Work Retainage Release %
      • Stored Retainage Release Amount

        Available for prime invoices of Fixed Lump Sum prime contracts only.

      • Stored Retainage Release %

        Available for prime invoices of Fixed Lump Sum prime contracts only.

   3. Enter the amount or percentage in the available field.

      To enter a percentage, type the numeric value only. For example, enter 10 to represent 10%.

   4. Select Save.
8. Select Save & Close.