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Procore (en-CA)

Adjust Retainage by Line Item in Portfolio Financials

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 Note
The information in this tutorial applies to accounts with the Portfolio Financials product in Procore. Reach out to your Procore point of contact for more information. 

Objective

To adjust retainage by line item in Portfolio Financials.

Background

When retainage is enabled for a contract in Portfolio Financials, both owners and vendors can adjust the amount retained by line item when submitting invoices.

Things to Consider

  • Required User Permissions:
    • 'Vendor' access to the project or higher.
      Note: Users with 'Vendor' or 'Limited' permissions must have access to the contract in order to adjust retainage.

Steps

  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-ribbon-pfcp.png icon.
  2. Click the Invoices tab.
  3. Click the invoice you want to adjust retainage for.
    OR
    Click Add Invoice to add a new invoice. See Add an Invoice in Portfolio Financials.
  4. In the 'Retainage This Period' column, click Adjust.
    adjust-retainage.png
  5. Edit percentages in the 'Retainage' column as necessary.
  6. Click Save. 

Demo

retainage-by-line-item.gif