Retainage & Retainage Release

With the release of the Retainage and Retainage Release modification, Subcontract Management has been modified to enable specification of the retainage and retainage release at the subcontract Request for Payment level. This is controlled via the option in both Subcontract Control and in Enter Contract settings.

Releasing tax retainage on taxes applies only to Credit Tax type tax codes.

Pay Request Modifications

The Request for Payment screen has been modified and retainage-related fields have been added to it. The user can specify a retainage percent if the default is not desired. Whether the percentage is overridden, the retainage amount is calculated. The user can change the retainage amount that in turn changes the retainage percentage.

The release amount can only be specified if the checkbox on the master contract for specifying the retainage release at subcontract level is checked. Otherwise, the release field is disabled and the [Release Retainage] button is not visible. Retainage release cannot be more than the outstanding release amount. Also, the [Release Retainage] button enables the user to view the voucher where the retainage will be released just as in the subcontract release retainage screen. The user can change the allocation, but not the total amount. The total amount must match the total release amount specified at the Request For Payment schedule level.

The Amount Summary tab in the header section contains fields that display the previously retained amount, the current retained amount, the previously released amount and the current release amount. In the Schedule of Values section, every schedule line shows the previous retainage amount, the total retainage amount, the previous release amount and the outstanding release amount for that task.

NOTE: The absolute release amount must be equal to the outstanding amount.