Video - InEight Control - Pay Item Retainage

TRANSCRIPT

In this video, we'll show you how to enter the retainage for a project and show the retainage that would be held back from being billed on a pay item.

Pay item retainage creates an incentive for contractors to complete contracted work on a project.

Typically, contractors don't get paid the total amount of money until all work is complete.

With pay item retention, and agreed upon retainage percentage is held back by the owner for each bill by the client until the owner agrees to release the retention.

In control, project settings, navigate to the revenue tab.

Here, you can change the default retainage send.

A default retainage creates an incentive for contractors to complete contracted work on a project.

You have three options.

Update all existing pay items in the project, which will affect only future bills.

Update matching existing pay items, which will change the retained each percentage for pay items that weren't modified, or you can apply the updated retention percentage on this project to only pay items created in the future.

Then, back in your job, navigate to the pay items tab.

On the main page, you can see columns for build revenue, retention released, retention withheld, net build revenue, and retainage percentage.

In pay items, you can change the retainage percentage per pay item directly in the field by adjusting it manually.

Let's view how retained each impacts our pay item details.

Right click on a line and select build revenue details from the drop-down menu.

The panel opens for you to complete the information related to a bill that upcoming.

When it's time to bill for a pay item, the retainage percentage is used to automatically withhold the percentage of the bill specified in the billed revenue details slide out panel.

You can also see your adjusted net bill which excludes their attention withheld amount.

For example, when you populate the amount of two hundred and fifty dollars in the build revenue field, you will see the script underneath notate that your attention withheld and a dollar amount and the net bill with a dollar figure as well.

Then click the apply button.

The information will update on the main page.

You'll see the information updates in the net billed revenue column and the retention withheld column.

In addition to the column view, You also have the ability to view retained it if you use the bill multiple pay item selection from the drop down menu.

Notice, you'll also see retainage percentage and retainage withheld columns if you choose to build multiple pay items.

You can also look at the same information if you go into the build history.

You'll see information about their attention as well as with the date that it was processed.

In addition to applying retainage on a pay item, you also have the ability to release the retention.

On the retention tab, notice there's a checkbox in the retention released field.

Check the box to release all retention.

You can also select the desired retention release date using the field to the right.

When you do that, the information will be updated InEight Control.

Once completed, click apply.

Well, that covers how to set up pay item retainage in InEight Control. Thanks for watching.