Specific Amount or Percent
Specific Amount / Percent drop-down on the AP Release Retainage (US)/Retention (AU)/Holdback (CA) form, Selection Criteria section.
Specific Amount - This option requires that you restrict by Vendor, even if you specify other restriction criteria. Select this option to release a specific amount of held retainage for the vendor based on the selection criteria. The system cycles through applicable invoices for the vendor, beginning with the oldest, and releases up to the full amount of held retainage on each invoice until total amount to be released is exhausted.For example, say you specify to release $5,000. The system pulls all applicable invoices for the vendor into the batch and applies the $5,000 starting with oldest invoice and continuing until the full $5000 is released.
Invoice Date Held Retainage Released Amount 1 12/15/18 2,500.00 2,500.00 2 02/01/19 4,000.00 2,500.00 3 03/30/19 1,500.00 0.00 Total Released: 5,000.00
Percent of the Total - Select this option to release a percent of each vendor's total held retainage based on the selection criteria. The system cycles through the vendor's invoices beginning with the oldest, and releases up to full amount of held retainage on each invoice until total to be released for that vendor is exhausted.
For example, say you filter by Job and specify to release 50%. For each vendor, the system calculates 50% of the total held retainage for all invoices meeting the selection criteria. It then begins with the oldest invoice and releases up to the full amount of held retainage on each invoice until the total to be released for that vendor is exhausted.
Vendor Total Held Retainage Invoice Date Held Retainage Released Amount 100 6,500.00 1 12/15/18 2,500.00 2,500.00 1 02/01/19 4,000.00 750.00 Total Released for Vendor 100: 3,250.00
Percent on Each Invoice - Select this option to release a percent of each invoice. For example, if you enter 50%, the system will release 50% of the total retainage amount for each invoice. The amount released for each transaction line will be percentage of the retainage total.
For example, you have one invoice line with $1,000 of retainage, one line with $2,000 of retainage, and one line with $3,000 of retainage, for a total of $6,000 of retainage for the invoice. You then specify to release 50% of the invoice total retainage, which is $3,000. The system will calculate the amount to release for each line as follows:
Invoice Line Released Amount Calculation 1 $510.00 1000/6000 = .17 (rounded)
3000 * .17 = 510.00
2 $990.00 2000/6000 = .33 (Rounded)
3000 * .33 = 990.00
3 $1500.00 3000/6000 = .50 (rounded)
3000 * .50 = 1590.00