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Procore

Set or Release Retainage on a Funding Invoice

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 Note
The steps below describe how to release retainage on a funding invoice with the Funding tool. For companies using the project's Invoicing tool (see Invoicing), users with 'Admin' permission on the Funding tool can also perform this task with the Invoicing tool. 
 Limited Release
flag-us.png The Funding tool is available as a limited release for Procore customers in the United States who have implemented the Procore for Owners point-of-view dictionary. To learn more, see What tool names and terms are different in Procore for general contractors, owners, and specialty contractors?

Objective

Set or release retainage for line items on a funding invoice with the Funding tool. 

Background

You can use the steps below to:

  • Set the Retainage Amount. Enter a percentage to calculate the withholding amount. This percentage will be applied to all of the line items on the invoice. For example, enter 10% to withhold 10% on each invoice line item. 
  • Release the Retainage Amount. Enter a percentage to calculate the amount to release on the invoice. This moves the calculated amount from the 'Currently Retained' column to the 'Released this Period' column in the prime contract. You can adjust this amount to perform a partial or full release as follows: 
    • A partial release indicates an amount is being withheld. For example, you would enter 50% if you are halfway through the project and your invoice is for a progress payment.
    • A final release means you are releasing the full amount and retainage is no longer being withheld. For example,  you would enter 100% after all of a project's contractual obligations are substantially complete and your invoice is for final payment.

Things to Consider

  • Required User Permissions:
    • 'Admin' level permissions on the project's Funding tool. 

Steps

  1. Navigate to the project's Funding tool.
  2. Click the Invoices tab.
  3. Locate the funding invoice that you want to work with.
  4. Click the Detail tab.
  5. Click the Edit button. 
  6. Choose one of the following:

Set Retainage on All Line Items

  1. Under Set Retainage on All Line Items, do the following:
    set-retainage.png
  2. Enter the percentage to withhold in the Work Completed box. 
  3. Click Set.
  4. Enter the percentage to withhold in the Materials Stored box. To learn more, see How do I bill for stored materials in Procore? (Legacy)
  5. Click Set.

Release Retainage on All Line Items

  1. Under Release Retainage on All Line Items,  do the following:
    release-retainage.png
  2. Enter the percentage to release in the Work Completed box. 
  3. Click Release.