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How to release Retainage
How to release Retainage

End of the project? Submit a bill to release the contract retainage

RedTeam Support avatar
Written by RedTeam Support
Updated over a week ago

How to release Retainage

As Invoices are approved in RedTeam Flex for partial or full payments, you will eventually want to release the Retainage being held. Retainage is calculated by percentage, so releasing Retainage in TeamPlayer is as simple as reducing the Retainage percentage to zero.

Follow the instructions below to enter a Billing to release Retainage.

  • Go to the Customers menu, and select your customer.

  • Find the Project.

  • Click the contract you need to bill against.

  • Click on the bottom right button to expand the menu option

  • Select Enter Billing

  • Fill out the corresponding dates and other required fields.

  • Scroll down to the Current Retainage field and click on it to open the Retainage form

  • Change the Total Retainage % to 0.00% and press Enter.

  • Click Save and continue completing the Billing form, you can also upload attachment files if needed.

    The Current Retainage will be displayed as a negative amount and it will be released by your Customer.

  • If you need to only do a partial release, then you can enter the Percent amount agreed.
    Let's say, you and your Customer are reaching the completion of the project and they will retain only 2% out of the initial 5% while the final phase is finished.
    Then you'll replace the 5% in the form with 2%. Your next payment will include the retainage amount released which corresponds to the 3% of the total bill for the project.

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