Bill for the retained amount in the last invoice for the projectLast updated on 03/22/2022
Progress billing allows you to invoice for work and material and collect payment from customers during the course of a project. Retainage is a percentage of an invoice that is billed when a project or phase is complete. The final bill includes retainage previously withheld.
Things to know
If you use Applications for Payment, the Applications for Payment workflow enables you to bill for retainage. For more, see Bill for retainage based on Application for Payment.
If you do not use the Application for Payment workflow, use the steps in this article to create a final invoice for retainage for a project. For more, see Progress billing.
Bill for the retained amount in the last invoice for the project
In the project, click Add invoice.
The Add invoice pop-up opens.
Select a business unit from the Business Unit dropdown.
Click ADD INVOICE.
Add anything to the invoice that you want to bill your customer for.
To add retainage, click Add a Task.
Enter retainage details:
Name—Retainage
Unit Price—Enter the amount that is retained in total. Change the negative sign to a positive
For example, create the last invoice of the project, the fifth invoice, and account for the amount that was retained in the previous four invoices ($8000 total from all four previous invoices). Accounting for the bill and retainage the total billed is $28,000.
Tip: You can retrieve the retainage amount you need to bill for from the Budget vs Actual table.
Note: Tax for retainage changes to positive when you bill the retained amount in the last invoice.
When you’re done, click Save. Note: After you bill for the retained amount:
The retainage label within the Budget vs Actual table is removed. The retained amount should also move from your Retainage receivable account to your AR account once billed.
You can access the invoice PDF attached to the email you sent, in the audit trail of the project record. This helps to accurately track all invoices sent to customers for a project.
Important note: Some features may not be currently included in your account and additional configuration may be required. Please contact technical support for details.
Disclaimer: Information provided in this article is for informational purposes only and it should not be construed to be legal advice. Information provided in this article may also not constitute the most up-to-date legal or other information. You should not act or refrain from acting on the basis of any information in this article to meet any compliance requirements without seeking independent legal or other professional advice.