Stored Materials, Retention
Several of our clients are able to bill for stored materials as part of their Progress Bills (G702/703-style from the 3-7 screen). In some cases, retention applies to these stored materials.
If you’ve filled in the Retention column for all the line items, you would expect the retention to come through on the stored materials—but it doesn’t. This column is considered the Primary rate. There’s an extra step needed to add stored retention.
In the 3-7 screen, with the progress bill pulled up, click on the Setup tab in the lower left corner. Enter the retention rate in the Material Rate field, Save and re-calculate. The retention will now be correctly calculated (thanks McKayla). – CMW
Here’s an interesting feature. Many clients have a workflow of setting Subcontract AP invoices to status 2-Review so they’re not selected to pay until the PM’s have released them, or there is a retention balance you aren’t going to pay until your retention is released by the owner/GC. Very typical.
Instead of managing these statuses and changing them during the job, you can click the ‘Hold Payment’ button in the 6-7-1 Subcontract screen. The AP invoice is already entered (it’s a real cost) and you’ll have it on your aging (use the retention column if it’s retention), but it won’t come up in the AP Selection screen, so it won’t accidentally be included in a check run. Then when you’re ready, unclick the button in the Subcontract and any open invoices are now available to select to pay! (Thanks Megan) – CMW