Set Retention for a Contract in Portfolio Financials
Objective
To enable and set retention for a contract in Portfolio Financials.
Background
When retention is enabled for a contract, retention will automatically be calculated and displayed as progress claims are submitted against schedule of values.
Things to Consider
- Required User Permissions:
- 'Limited' access to the project or higher.
Note: Users with 'Limited' permissions can only set retention when editing an existing contract they have access to.
- 'Limited' access to the project or higher.
Steps
- Navigate to the relevant Contract Room by clicking the name of the cost item in the project's Cost Tracker.
Note: Cost items with a Contract Room are marked with a ribbon icon. - The Contract Room automatically opens to the Contract tab.
- Click the vertical ellipsis icon and select Edit.
- Under Contract Overview, click the Retention toggle to the ON position.
- Enter a retention percentage.
Note: The percentage is set to 10% by default. - Click Save.