The steps below demonstrate how to create a retention invoice. A retention invoice allows users to invoice their clients for retention held on their Main Contract, or to release retention held on behalf of vendors within their Vendor Contracts ahead of project completion.
These steps are similar to creating a regular invoice, with just a few differences which are highlighted below.
You will only be able to create a retention invoice if there is already existing retention held on your contract with the client, or on the vendor executed contracts.
From the project dashboard, click on the Project Drop-down menu, and search or type “Invoicing & Pay Apps”
2. To create a retention invoice for an existing vendor, click on the Actions button, and click Add Invoice. Choose Retention Invoice then click Next Step
3. Click Vendor Retention Invoice and click Next Step
4. Then, fill out all the necessary information for your vendor's retention invoice, and click Create
4. In this pop-up, it’ll show you two methods of retention release. Take a moment to review both to determine which method is best in your situation. In both cases, the change will affect all subsequent invoices as applicable.
5. To bill for retention, scroll down to the SoV lines and scroll to the right to find columns BB and CC
6. For example, if you want to reduce your vendor’s retention by 3%, you can reduce the percentage under column CC like so. You’ll then notice the Retention Invoice Amount increase from $0 to $1,455. Your vendor will then receive $1,455 as a retention release, and if there are any subsequent invoices to be made, the retention percentage will carry over from the previous.
7. The last required step would be to apply funding to this invoice. Scroll up to the net funding amount, and click Apply Funding. Fill out and review the information, and click Save.
8. Other additional options include uploading a file within the Documents tab as shown below.
9. Once you’ve reviewed the invoice, you’re ready to update its status. This is similar to the regular invoices. You can save as vendor submission, then you can save as under review, approve, reject, or you can return to draft to make any other changes. When you are ready to approve, then it will allow you to mark the invoice as paid.
Next steps: Creating an invoice pay-application package