Set Maximum Retention Amounts
When creating subcontracts in SL Subcontract Entry, you can set a maximum retention amount.
Once the system reaches the retention amount, it will no longer continue withholding retainage for a specified subcontract. See About Subcontract Maximum Retention Amounts for more information.
You can set maximum retention amount to be based on a percentage of the subcontract or by a flat amount.
Follow the steps below to set the maximum retention amount for the subcontract.
- Create the subcontract and add item detail using the SL Subcontract Entry form.
- Open the Maximum Retention Settings tab.
- Choose how to set the maximum retention amount:
Option Description Percent of Subcontract
- Select the Percent of Subcontract radio button.
- In the % of Subcontract field, enter the percentage amount. The system defaults the retention amount in the Max Amt by % display field.
- If you want to include change orders in the maximum retention amount, select the Include Chg Orders in the Max Retention by % check box.
- Select the Maximum Amount radio button.This enables the Retention Amount and Adjust Maximum Invoice fields.
- In the Retention Amount field, enter the maximum retention amount.
- From the Adjust Maximum Invoice field, select the correct method for retention distribution when the system reaches the maximum amount. Click here for more information.
- Save the record as normal.