Anyone knows how to create the valuation for retention amount on a sub-contract?
Solved
Retention Payment
+2Best answer by THSIGB
Hi Faisal,
Retention is held at a Contract level. If you create a Sub Contract Valuation, in EE, on the General tab (retention section). There are 2 fields ‘Application Released’ and ‘Certified Released’. You will see the total held retention in the ‘Total Remaining’ field.
Enter a value into the ‘Certified Released’ (can use ‘Application Released’ but not mandatory), if you want to release the full amount held, enter the same value that is held in the ‘Total Remaining’ field. Then if you process your Valuation through as normal, this will clear down the retention.
Hope that helps.
Tom
Are you referring to setting up a Payment Schedule for a Purchase Order to pay a supplier in advance? Or make progress payments based on passage of time or upon request but prior to receipt of goods?
Did you try in valuation item level? I think there are columns there for retention certified and released?
+2thnaks .
@Shanwberk, I need release payment for retention amount on sub contract. I have created a sub contracted and release the retention amount. Now I have to release it. cant find a way to return it.
+2Hi Faisal,
Retention is held at a Contract level. If you create a Sub Contract Valuation, in EE, on the General tab (retention section). There are 2 fields ‘Application Released’ and ‘Certified Released’. You will see the total held retention in the ‘Total Remaining’ field.
Enter a value into the ‘Certified Released’ (can use ‘Application Released’ but not mandatory), if you want to release the full amount held, enter the same value that is held in the ‘Total Remaining’ field. Then if you process your Valuation through as normal, this will clear down the retention.
Hope that helps.
Tom
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