|
|
|
ANSWER TO: How is "Retainage" handled?
|
The normal procedure is that the full retainage is held back until the contract has been fully completed for a specific number of days. When the "Application for Payment" representing all work completed has been made, you then simply run another submittal-update to prepare a new application just for the retainage. The program will automatically change the retainage values to 0% in order to release the retainage. This application submittal is designated the "-FS" or Final Submittal.
Some contracts will release some or all of the retainage at an earlier stage. When this is the case, you first do your normal Submittal-Update function for that period and then with the Review & Correct function change the retainage percentages to 0% or to a smaller value than the original amount. This then releases all or a portion of the retainage for payment along with the work completed for that period.
If your customer doesn't know about retainage, simply use zero constant retainage, print the alternate invoice form, and the form automatically changes to avoid any mention of retainage.
|
|
|
Questions:
|
Click on the question to view the answer.
|
© 1993-2008, Harley J. Brook
|
|
|