Edit Retention % Button |
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This button allows you to change the retention percentage on ALL contract billing item or subcontractor payment sheet items on a single job without editing each individual item. This feature makes it easier to update items whenever the retention percentage has been adjusted in the middle of a project. For example, on some state and federal projects, the retention percentage is reduced from 10% to 5% when the project is 50% complete.
Follow these steps to use the Edit Retention % Button:
At this point, a new contract billing can be created that will bill out the change in retention withheld. When a new billing is created, the system will notify you that the retention percentages have changed since the last billing and will ask if you want to recalculate the retention amount on the current billing. If you answer yes, then a billing will be created based on the last percentages complete and retention withheld will be calculated based on the new retention percentage. The difference between the retention withheld previously and the retention currently calculated will be the amount of the new invoice.
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