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Procore Support (en-au)

Set Retainage for a Contract in Portfolio Financials

 Note
The information in this tutorial applies to accounts with the Portfolio Financials product in Procore. Reach out to your Procore point of contact for more information. 

Objective

To enable and set retainage for a contract in Portfolio Financials.

Background

When retainage is enabled for a contract, retainage will automatically be calculated and displayed as invoices 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 retainage when editing an existing contract they have access to.

Steps

  1. 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.
  2. The Contract Room automatically opens to the Contract tab.
  3. Click the vertical ellipsis  icon and select Edit
  4. Under Contract Overview, click the Retainage toggle to the ON  position.
    retainage-toggle.png
  5. Enter a retainage percentage. 
    Note: The percentage is set to 10% by default.
  6. Click Save