Billed retainage on prime contracts

  • Retainage, also referred to as retention or holdback, is stored and tracked by job cost code—not by invoice detail.
  • Typically, retainage is released in a separate invoice after all of the work is complete according to specifications.

Invoice and release retainage

You have multiple options for invoicing and releasing retainage.

Use the Add Prime Contract Invoice Wizard

If youre creating a new prime contract, select a link below based on the type of contract youre working with.

Use the bulk actions option for existing contracts

  1. Open the Prime Invoice by clicking on the Invoice # in the listing.
  2. Scroll to down to the middle of the form and click View Invoice Details - Released Retainage (Billed Retainage).
  3. Select all the Job Cost Codes by clicking the column header above the checkbox on the left side of the grid.
  4. Click the Choose Bulk Actions button above the grid. This opens a new window.
  5. Select one of the following options:
    • Work Retainage Release Amount
    • Work Retainage Release % (100% = 100)
    • Stored Retainage Release Amount
    • Stored Retainage Release % (100% = 100)
  6. Click Save.

Release retainage for individual job cost codes

  1. Open the Prime Invoice by clicking on the Invoice # in the listing.
  2. Scroll to the middle of the form and click View Invoice Details - Released Retainage (Billed Retainage).

  3. Navigate to the Job Cost Code and enter a value in Work Release Amount or Stored Release Amount.

    The value must be less than or equal to the respective total retainage amount (ex previous + current).
    Note: Stored Retainage is only applicable to Fixed Lump Sum Prime Contracts.

  4. Optional: Select Tax Code (In the US, this is typically blank but for other countries a tax code may apply.)
  5. Repeat step above to release retainage for other job cost codes as needed.
  6. Click the Save and Close button.