I have a project with several revenue budget line items for the SOV holding 10% retainage for each line item. The project is complete and the customer is allowing me bill for only 5% retainage. How do I reduce retainage for the project to 5%? Surely I don’t have to reduce each line item?
Answer
RETAINAGE REDUCTION
Best answer by joelhoffman
One method you can use is to change the retainage percentage on the “Summary” tab of the project. When the value is changed, in this case from 10 to 5, you will be prompted with a question if you would like the revenue budget lines updated with the new retainage;
This will change the retainage % on all revenue budget lines.
+2One method you can use is to change the retainage percentage on the “Summary” tab of the project. When the value is changed, in this case from 10 to 5, you will be prompted with a question if you would like the revenue budget lines updated with the new retainage;
This will change the retainage % on all revenue budget lines.
Joel Hoffman
+2If you are looking to release half of what may have already been held/billed, you can put that value into the Release AR Retainage function and it will apply to the open invoices.
Joel Hoffman
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