You can set a project's retainage rate to automatically reduce when certain retainage values have been withheld, and you can turn the function on and off.
These steps affect all of a given project's contracts. If needed, see Enable or Disable Automatic Retainage Reduction - Contract.
Certain company practices or legal requirements might provide the rationale for an automatic adjustment when certain conditions are met, or for no adjustment, regardless of any criteria.
For additional information, see Automatic Retainage Reduction.
- From your Dashboard, select the project.
- Among the tabs at the top of the screen, select Settings.
- Scroll to the Automatic retainage reduction section.
- Select the toggle button.
- Select Save changes.
- If the function was enabled, it's now turned off, which means the retainage rate will remain constant from now on.
- If the function was disabled, it's now active. The retainage rate will change automatically when the conditions are met. Any contract and line item retainage rates higher than the starting rate in the rule will be overwritten.