Default Retainage %

Use this field to enter the retainage percent that will be used as the default when posting transactions in Accounts Receivable (AR) and Job Billing (JB). Default may be overridden for each contract item.
Note: If you change the retainage percent assigned in the contract header, upon saving the record, a message displays indicating the change and asking if you want to update any existing contract items having the old value to the new value. Select Yes to save the change to the header and to all applicable contract items (i.e. those having the same 'old' retainage percent). Select No to save the change to the header only.

This field will also be used to set the default retainage amount when creating contract items using the Items tab. The retainage set up on the Items tab will then be used to set the default retainage on subcontract items created in the PM and SL modules.

The diagram below outlines how the system determines the default retainage % for subcontract items.

 

JC Contracts