In Procore, you can enable a retainage percentage amount in the Commitments tool:
Completed Work Retainage. An agreed-upon amount on a contract that is withheld from a contractor/subcontractor to ensure the work is satisfactorily complete on a construction project.
Stored Material Retainage. Retainage can also be allocated on a contract for stored materials to ensure sufficient materials are available for work.
Things to Consider
Required User Permission:
To create/edit a commitment, 'Admin' level permission on the project's Commitments tool. OR
To create/edit a commitment as a user with 'Standard' or 'Read Only' level permission to the Commitments tool, the 'Create Subcontract', 'Create Purchase Order', 'Update Subcontract', and/or 'Update Purchase Order' granular permission must be enabled on the permission template associated with your user account on the project. See Grant Granular Permissions in a Permission Template.
Additional Information:
If you want to enable either of these settings on all of the project's new commitments, enable the options in the 'Default Contract Settings' area of the Commitment tool's Configure Settings page. See Configure Advanced Settings: Commitments.
Steps
To enable retainage on a purchase order or subcontract:
Navigate to the project's Commitments tool. This reveals the Commitments page.
Locate the desired purchase order or subcontract in the Commitments tab. Then click View. This opens the selected commitment.
Click the Advanced Settings tab.
Click Edit. This places the commitment into edit mode.
Scroll to the Requisition Settings area. Then:
For commitments formatted as a Unit Quantity: Place a checkmark in the Enable Completed Work Retainage box (Note: Commitments formatted as a unit quantity must be billed as Completed Work and NOT Stored Materials). OR
For commitments formatted as Amount Based: Place a checkmark in one or both boxes:
