Configure retainage

Retainage (also known as retention) is a portion of the agreed upon contract price intentionally withheld until the work is substantially complete to assure that the customer or vendor (for projects and grants) or contractor or subcontractor (for Construction) satisfies their obligations and completes a project.

Use Accounts Payable (AP) and Accounts Receivable (AR) to track retainage and manage costs and revenue for completed and in-progress projects.

Subscription
  • Projects, Module: Project Costing and Billing
  • Construction
  • Accounts Receivable, Accounts Payable
User type
  • Business user with admin privileges
Permissions
  • List: enables visibility to change management
  • View, add, edit, and delete: controls who can enable change management

Customers (Accounts Receivable)

  1. Enable retainage for a customer and set up an Accounts Receivable (AR) retainage account.
  2. Set the default retainage percentage for the customer.
  3. Enable retainage on the customer transaction definitions.
  4. View the retainage posting details for the customer invoices.
Configure Accounts Receivable for a multi-entity shared company.

Vendors (Accounts Payable)

  1. Enable retainage for a vendor and set up an Accounts Payable (AP) retainage account.
  2. Set the default retainage percentage for the vendor.
  3. Enable retainage on the vendor transaction definitions.
  4. View the retainage posting details for the vendor bills.
Configure Accounts Payable for a multi-entity shared company.