Deltek Vantagepoint Help

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Release a Portion of Retainage for Billing

If you reach the point in a project's progress when you can bill some, but not all, retainage, release a portion of retainage for billing.

The remaining amount will still appear on accounts receivable reports, and will remain as billable retainage in Interactive Billing.

To release a portion of retainage for billing:

  1. In the Navigation pane, select Billing > Interactive Billing.
  2. On the Interactive Billing form, open the project for which you are billing retainage.
  3. On the actions bar, click Other Actions > Bill Retainage.
  4. On the Invoice File Selection dialog box, select an existing invoice file or create a new invoice file in which to include the retainage invoice during this billing session, if you have not already entered one.
  5. On the Bill Retainage dialog box, select a single invoice or multiple invoices to bill part of the project, phase, or task's retainage.
    Credit memos that you created in Interactive Billing are not listed separately on the Bill Retainage dialog box. Any credit memos posted against an invoice are reflected in the invoice amounts in the Billing Retainage dialog box.
  6. Click Bill.
  7. Click Yes when prompted, then click Close on the Bill Retainage dialog box to return to the invoice.
  8. On the Interactive Billing form, click Invoice > Allow RTF download.
  9. Click Invoice > Preview to review the invoice.
  10. Click Download Report.
  11. In the Download File As field on the Download Invoice dialog box, select Rich text format (RTF) and click Download.
  12. Save the downloaded invoice.
  13. Open the saved invoice in Microsoft Word and modify the retainage amount to the partial amount, then save the modified invoice.
  14. On the Interactive Billing form, click Accept on the actions bar, and then click OK on the Invoice Accept dialog box.
  15. Go to Transaction Center > Transaction Entry > Invoices.
  16. Select the invoice file and reduce the retainage amount by the amount that you want to bill, the same amount entered on the invoice that you edited in Microsoft Word.
  17. Post the invoice file.