Set Retainage for a Contract in Portfolio Financials
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 enable and set retainage for a contract in Portfolio Financials.
Background
When retainage is enabled for a contract, retainage will automatically be calculated and displayed as invoices are submitted against schedule of values.
Things to Consider
- 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.
- 'Limited' access to the project or higher.
Steps
- 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 ribbonicon.
- The Contract Room automatically opens to the Contract tab.
- Click the vertical ellipsis
icon and select Edit.
- Under Contract Overview, click the Retainage toggle to the ON
position.
- Enter a retainage percentage.
Note: The percentage is set to 10% by default. - Click Save.