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(Beta) Set or Release Retainage on a Subcontractor Invoice from the Progress Billings Tool

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 Phased Release: New Admin & Collaborator Views for Subcontractor Invoices
On March 23, 2022, the modernized subcontractor invoice experience was turned ON in all Procore project's using Procore's Invoice Management tools. To give you time to preview the design changes, Procore is providing users with the option to switch between the modernized and legacy experience until September 2023. After September 2023, the ability to exit out of the new experience will be removed and the legacy experience will no longer be available in Procore. To learn more, see Financial Management: New Admin & Collaborator Views for Subcontractor Invoicing.
 Note
If you have the generally available version of subcontractor invoices, see Set or Release Retainage on a Subcontractor Invoice instead of the ones below.
 Limited Release
flag-us.png flag-canada.png The Progress Billings tool is only available to Procore customers in the United States and Canada who have implemented the Procore for Specialty Contractors point-of-view dictionary. To learn more, see (Limited Release) Owners & Specialty Contractors Point-of-View Dictionary Options. 

Objective

To set or release retainage for line items on a subcontractor invoice with the Progress Billings tool. 

Background

In Procore, the term Retainage refers to the practice of withholding of a portion of a contract amount until the work is deemed satisfactorily complete. The withheld amount is specified in an agreement between the contracting party (the party paying for the work) and a contracted party (the person or company performing the work).  A common practice is to withhold 5-10% of a contract's total value until a milestone is reached. Then, the withheld amount can be released as a progress payment. When work is substantially complete, the withheld amount can be released as a final payment. 

Things to Consider

 Notes
  • Access permissions to the Invoicing & Progress Billings tools are governed by the permissions set on the Commitments and/or Client Contracts, Funding, or Prime Contracts tool. Procore tool names vary, depending on the language or point-of-view dictionary configured in Procore. See What dictionaries and languages are available in the Procore web application?
  • If you are a collaborator (for example, an invoice contact employed by a company performing work on a project managed in Procore, your ability to perform invoice-related tasks is determined by the Procore company account holder. Settings that the account holder may choose to provide to you include:
    • A Procore User account.
    • Access permissions to the project's Commitments and/or Client Contracts, Funding, or Prime Contracts tool.
    • Membership on the 'Private' list of a specific contract or funding
    • Designated as an 'Invoice Contact' on the contract or funding.
  • Required User Permissions:
    • To set and release retainage when editing an invoice before, during, or after the current billing period, 'Admin' level permissions on the project's Commitments tool.
    • OR
    • To release retainage when editing an invoice during the current billing period only, 'Standard' level permissions on the project's Commitments tool and you must be the designated 'Invoice Contact' on the contract. Invoice contacts are automatically added to the 'Private' drop-down list on the contract. If you have these permissions, see these tutorials: Send an 'Invite to Bill' to an Invoice Contact and Submit a New Invoice as an Invoice Contact. 
      OR
    • Read about the alternative permissions option: Show/Hide  
      • Some Procore customers choose to grant external users access permissions to the project's Commitments tool to allow them to create invoices. The following options is available, but NOT recommended: 
        • 'Read Only' level permission on the project's Commitments tool and designated as an 'Invoice Contact' ​​​​​​on the purchase order or subcontract. If users are granted these permissions, they have permission to modify the retainage amount to release on an invoice before a billing period's 'Due Date'. 

Steps

Place the Invoice SOV in Edit Mode

  1. Navigate to the project's Progress Billings tool.
  2. Click the Subcontractor tab. 
  3. In the table, locate the subcontractor invoice to edit. 
  4. Click the Invoice # link to open it. 
  5. Scroll to the Schedule of Values section. 
  6. Click Edit in the lower right corner of the 'Schedule of Values' section.

    sub-invoice-edit-sov-button.png

Set and Release Retainage on SOV Line Items

If you want to set and release retainage on the line items in the SOV, follow these steps:

  1. Choose from these options to select the line items:
    • To select all of the line items in the SOV, click the checkbox in the 'Item Number' header of the data table. 
      OR
    • To select individual line items, mark the checkbox(es) in the 'Item Number' column for the desired line item(s). 
  2. In the Schedule of Values, click the Edit button. 
  3. Optional: If you are an invoice administrator who wants to set the retainage for the invoice, do the following: 
    • Mark one or more Item Number check boxes. Then click the pencil icon above the data table in the Schedule of Values. 
      This opens the Edit pane on the right side of the page. 
    • Enter the retainage values to apply to the selected line item(s):
      • Work Retainage This Period (%). Enter a percentage amount to indicate the percentage of work retainage to be released this billing period. 
      • Retainage Released. Enter a percentage amount to indicate the percentage of retainage released.
      • Materials Retainage (%). Enter a percentage amount to indicate the percentage of work retainage to be released this billing period. 
    • Click Apply. 
  4. Choose from these options for entering work retainage:
    • Work Retainage This Period ($). Shows the currency amount for the work retainage this period. The value that appears here is based on your entry in the 'Work Completed this Period' column. An entry in this cell lets Procore automatically calculate the percentage value in the 'Work Retainage This Period (%)' column. 
      OR
    • Work Retainage This Period (%). Enter a percentage amount for the work retainage that you are requesting to be released this period. An entry in this cell lets Procore automatically calculate the currency value in the 'Work Retainage This Period ($)' column. 
  5. In the Total Retainage Released column, enter the total amount of work retainage being requested for release on the line item. 
  6. Choose from these options for entering materials retainage: 
    • Materials Retainage ($). Enter a currency amount for the material retainage that you are requesting to be released this period. The value that appears here is based on your entries in the New Materials Stored and Previous Materials Stored columns. An entry in this cell lets Procore automatically calculate the percentage value in the 'Materials Retainage This Period (%)' column. 
      OR
    • Materials Retainage (%). Enter a percentage amount for the material retainage that you are requesting to be released this period. The value that appears here is based on your entries in the New Materials Stored and Previous Materials Stored columns. An entry in this cell lets Procore automatically calculate the percentage value in the 'Materials Retainage This Period (%)' column. 
  7. In the Total Retainage column, Procore calculates the sum of the 'Work Retainage This Period ($)' amount plus the 'Materials Retainage ($)' amount to represent the total retainage amount on the invoice.