NoteThe 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.
To enable and set retainage for a contract in Portfolio Financials.
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:
- 'Full Access' to the project or higher.
- Navigate to the relevant Contract Room by clicking the name of the cost item in the Cost Tracker section of the Project Page.
Note: Cost items that currently have a Contract Room associated with them are marked with a ribbon icon.
- 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.