Set Retainage for a Contract in Portfolio Financials

When retainage is enabled for a contract, retainage will automatically be calculated and displayed as invoices are submitted against schedule of values.

• Required User Permissions:

  • 'Limited' access to the project or higher.
    Note: Users with 'Limited' permissions can only set retainage when editing an existing contract they have access to.

1. Navigate to the relevant Contract Room by clicking the name of the cost item in the project's Cost Tracker.
   Note: Cost items with a Contract Room are marked with a ribbon icon.

2. The Contract Room automatically opens to the Contract tab.

3. Click the vertical ellipsis icon and select Edit.

4. Under Contract Overview, click the Retainage toggle to the ON position.
   

5. Enter a retainage percentage.
   Note: The percentage is set to 10% by default.

6. Click Save.