How to setup the retention
User Document: Retention Codes
For System Administrator only.
Once set up, retentions can be applied in Contract Settings and Subcontract Settings respectively.
Instruction
Go to the System Setup \ Jobs \ Retention codes.
Use filter with ‘code = null’ to display all entries for the presentation and prevent the creation of duplicates.
Click on +New Retention button.
Enter Code, Description and Details.
Select the type:
Step by percent (estimated): applied for both Subcontract and Contract (job), based on the budget.
Step by percent (schedule type): applied for Contract (job) only, based on the claims.
Step by value: applied for both Subcontract and Contract (job).
Select any Basis that will be used to calculated for the retention.
Select the Max Value Retention. This represents the maximum value of the holding retention, regardless of how it is calculated. Once the retention amount reaches this value, no additional funds will be held.
Choose Retention step %. It is the percentage of retention for each step in the. This value will be overwritten by the maximum value retention when the actual retention amount reaches the maximum value.
Tips
In the Step by Value type:
Step is NOT claim.
The Cut Off Value refers to the cumulative claim amount to date, not the amount for each individual claim
Questions & answers
Steps are not claims, think of them as levels of retention with predefined amounts for each level. For instance, with the retention below:
Here is the explanation for the screenshot above:
Claim # | Claim value | Step # | Explanation | Retention % | Retention amount/claim | Total retention amount |
|---|---|---|---|---|---|---|
1 | 80,000 | 1 | 80,000 < step 1 value | 5% | 4,000 | 4000 |
2 | 90,000 | 2 | 170,000 <step 2 value | 3% | 2,700 | 6,700 |
3 | 120,000 | 2 | 290,000 < step 2 value | 3% | 8,700 | 15,400 |
4 | 430,000 | 3 | 720,000 < step 3 value | 2% | 8,600 | 24,000 |
5 | 400,000 | No retention | 1,120,000 > 1,000,000, over the limitation. |
|
| 24,000 |