Retainage
Set Retainage
Retainage may be set
1. Individually by "Billing Item" when you Create New
Billing Items.
2. By clicking on "%Ret" while in "Prepare Next
Invoice".
3. Individually by "Billing Item", at any time, in Prepare
Next Invoice.
Fixed Retainage
After 50% of work, with no additional accumulation
If, for example, retainage was withheld at 10% for the first half of the contract and
you now can stop accumulation of additional retainage while maintaining the fixed amount
accumulated in the first half of the job. To accomplish this, do the following:
1. Create a "Retainage Billing Item", with a retainage Value equal to the
retainage accumulated in the first half of the contract. The "Retainage Billing
Item" is created in "Create/Modify Billing Items", by assigning any
available item number to the retainage billing item (usually a number that will place it
at the bottom of the Invoice). The first nine characters in the "Description of
Work" must be "Retainage", in upper or lower case. After the
"Description of work" is entered, press "Enter" and the cursor will
move automatically to the retainage amount column. Place the retainage amount in the
column. Press "Enter" and then press the "Up Arrow" to move off of the
new item.
2. Click "%Ret" while in "Prepare Next
Invoice", set the retainage to "0" and click "Ok".
After 50% of the work, with additional accumulation
If for example, retainage was withheld at 10% for the first half of the contract and
you can now reduce the retainage withheld to 5%. To accomplish this, do the following:
1. Create a "Retainage Billing Item", with a retainage value equal to one half
(1/2) of the retainage accumulated in the first half of the contract. The "Retainage
Billing Item" is created in "Create/Modify Billing Items", by assigning any
available item number to the "Retainage Billing Item" (usually a number that
will place it at the bottom of the Invoice). The first nine characters in the
"Description of Work" must be "Retainage", in upper or lower case.
After the "Description of Work" is entered, Press "Enter" and the
cursor will move automatically to the "Retainage Amount" column. Place the
retainage amount in the column. Press "Enter" and then press the up arrow to
move off of the new item.
2. Click "%Ret" while in "Prepare Next
Invoice", set the retainage to "5" and click "Ok".
Payment
for Retainage
Reduction in Retainage
Overall retainage may be reduced by clicking "%Ret"
while in"Prepare Next Invoice". When reduced, payment is automatically requested
(on the Invoice being prepared) for the difference between the retainage accumulated at
the original percentage and the retainage indicated by the new retainage percentage.
At the end of the job, to request payment for all accumulated retainage, click "%Ret" while in "Prepare Next Invoice", set the
retainage to "0" and click "Ok".
Although unlikely, retainage may be reduced by individual billing item while in the
"Prepare Next Invoice" screen. If done, payment will be requested for the
difference in the billing item retainage as stated in the paragraph above.
Leave
Manual