Create an Invoice for Release of Retainage
Objective
To create a subcontractor invoice for the release of retainage.
Background
Things to Consider
- Required User Permission:
- To create an invoice to release retainage (both before and/or after the billing date has passed) from the Invoicing tool, 'Admin' on the Commitments tool.
Note: Access permissions on the Invoicing tool for the steps below is governed by the user's permissions on the Commitments tool.
OR - To create an invoice to release retainage (only before the billing date has passed), 'Standard' on the Commitments tool.
AND- You must be listed as a member of the Private drop-down menu for the specific commitment. This also lists your user name as an Invoice Contact on the commitment.
- You must be listed as a member of the Private drop-down menu for the specific commitment. This also lists your user name as an Invoice Contact on the commitment.
- To create an invoice to release retainage (both before and/or after the billing date has passed) from the Invoicing tool, 'Admin' on the Commitments tool.
Steps
- Navigate to one of the following tools:
- If you have 'Admin' permissions on the Commitments tool:
Note: Access permissions on the Invoicing tool for the steps below is governed by the user's permissions on the Commitments tool.- Navigate to the project's Invoicing tool.
- Click the Subcontractor tab.
- Click the link that corresponds to the commitment to work with.
- If you have 'Standard' or 'Read Only' permissions on the Commitments tool:
- Navigate to the project's Commitments tool.
- Under 'Committed - Summary,' click the link that corresponds to the commitment to work with.
- If you have 'Admin' permissions on the Commitments tool:
- Click Create Invoice.
Note: This button is only available when a commitment is in the Approved status. - Enter the following in the 'Create New Invoice' page:
- Billing Period. By default, the system creates the invoice in the current billing period. See Start a New Billing Period and Send Invoice Emails and Create Automatic Billing Periods.
- Invoice #. Enter the invoice number for the invoice.
- Invoice Start. This value is typically prefilled with the date enter by the contractor.
- Invoice End. This value is typically prefilled with the date enter by the contractor.
- Billing Date. This value is typically prefilled with the date enter by the contractor.
- Click Save as Draft.
- In the invoice, click the Detail tab.
- Click Edit.
- In the Retainage - Released this Period columns, enter the retainage amount to be released.
Note: The Retainage - Currently Retained column shows what retention is being withheld.
- If the contractor will create a payment schedule once the invoice is approved, enter the amounts for the work you are claiming this period in the Subcontractor Claimed This Period column.
- NOTE: In order for the 'Subcontractor Claimed This Period' column to appear, the payment schedule feature must be enabled in the Invoicing tool’s configuration settings. See Configure Settings: Invoicing.
- Click Save.
- If the contractor requires the invoice to be signed, complete the following steps:
- Choose Export > PDF.
- Sign the PDF.
- Click the Summary tab.
- Click Edit.
- In the Attachments section, upload any required backup documentation, such as lien waivers and the signed export PDF.
- Choose from the following options:
- If you are ready to submit the invoice to the contractor, click submit for Review. This changes the invoice status to Under Review.
- If you are NOT ready to submit the invoice, click Save. This sets the invoice status to Draft.
Note: Once you submit the invoice to the contractor, you will no longer be able to edit it unless the contractor changes the status Revise & Resubmit.