Deltek Vantagepoint Help

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Retainage

Retainage is a percentage of billing amounts contractually withheld on an invoice, which will be billed to the client at a future, pre-determined point in the project, usually upon the project’s completion or upon reaching a major milestone, as specified in the contract.

Retainage is usually based on the entire invoice, but it may also be based on specific invoice sections. For example, you could bill the reimbursable and consultant expenses in full when the invoice is issued, but apply a 10% retainage to the remaining invoice sections until you complete the project satisfactorily.

Retainage Settings

You turn on the retainage feature in Settings > Billing > Options. Then you turn on retainage for a project in a project's billing terms in Hubs > Projects > Billing Terms. Complete the retainage settings in the Retainage section of the More Calculations tab in Billing Terms. You specify the retainage percentage to be withheld from total billings or from any combination of the six potential components of an invoice: labor, consultants, expenses, fees, units, or add-ons. You also must set up general ledger accounts for retainage in Settings > General Ledger > Chart of Accounts and map retainage accounts to invoice and accounts receivable accounts in Settings > Billing > Accounts Receivable.

Withholding Retainage on Invoices

After you establish retainage terms for a project, each time that you generate an invoice for the project in Interactive Billing or Batch Billing, the retainage to withhold is calculated and reported on the invoice. The amount is shown in a separate section of the invoice titled Retainage.

In addition to calculating the retainage on an invoice, retainage is posted and tracked throughout Billing, Accounts Receivable, project control, and the general ledger. The retainage amount withheld from invoices is posted to a retainage account. When you bill the withheld retainage, the retainage is moved out of the retainage account and into an accounts receivable account.

Billing the Withheld Retainage

You bill previously withheld retainage in Billing > Interactive Billing by clicking Other Actions > Bill Retainage on the actions bar. You select to bill retainage for one or more previously-posted invoices that have retainage withheld for a project. You post a retainage-only invoice in Transaction Center > Transaction Entry > Invoices. To bill previously withheld retainage, your security role must have the Allow Final Processing check box selected in the Billing Security section of the Accounting tab in Settings > Security > Roles.