About Setting Up Retainage on Work Complete and Stored Materials

When setting up a subcontract item, the deduction percentage for retainage to be held from each invoice can be entered.

Although the AP Invoice has only one field for retainage on an invoice line, a default percentage for retainage on both work completed and stored materials can be set up. These percentages are used in SL Worksheet to calculate the total retainage for the item on the invoice. (SL Worksheet allows for an invoice amount to be entered for the work completed and a separate amount to be entered for stored materials that need to be invoiced.) This allows for reporting the separate amounts to the subcontractor. However, both amounts and both retainage amounts are combined on the AP invoice.