If you use retention terms that are based on an invoiced amounts schedule, set up the progress amount retention terms.
Example
Retention schedule:
Amount from | Amount to | Retention percentage |
|---|---|---|
0 | 500,000 | 8 |
500,000 | 800,000 | 6 |
800,000 | 9,999,999 | 4 |
Retention calculation:
Progress bill amount | Total claimed amount* | Retention calculation | Retention | |
|---|---|---|---|---|
1 | 400,000 | 0 | 400,000 x 8% | 32,000 |
2 | 200,000 | 400,000 | (100,000 x 8%) + (100,000 x 6%) | 14,000 |
3 | 100,000 | 600,000 | 100,000 x 6% | 6,000 |
4 | 300,000 | 700,000 | (100,000 X 6%) + (200,000 x 4%) | 14,000 |
*Total claimed mount = The sum of the previous progress bill amounts.
Steps
Click Project management and accounting -> Setup -> Retention -> Progress amount retention terms.
Click New and enter a description.
On the Schedule pane, click Add line and fill in the fields.
Note
You only can fill in the Amount to and the Percent to retain. The Amount from is automatically determined based on the highest entered To amount.