Payapps already shows you how much retainage has been withheld on your contracts via the contract summary (and reports). Our latest improvements make it even easier to see when a subcontractor is requesting a retainage release and how much retainage is relevant for unapproved pay apps.
Within the pay app details screen, you will now see a Retainage tab. If you click on this tab it will show you a summary of the maximum retainage applicable in your contract, the amount previously withheld, as well as any previous retainage releases. This is also where you can make one-off adjustments to retainage withheld for a given pay app.
Retainage can now be released in more than two installments, catering for multi-phase contracts where retainage is released in more than two installments. You can clearly see how much retainage will be withheld from the current pay app.
An important point to note is that we have removed the hard link between Practical Completion and initial retainage release. As the approver, you have the option to release retainage at any time, but this does not require you to award Practical Completion. This is an enhancement that many of our general contractor customers have requested.
If you forget to click on this tab and the subcontractor has requested a retainage release, we’ll prompt you so you don’t overlook it.
When you’re ready to approve your pay app, you’ll still get the simple summary of how much retainage will be withheld (or released) from your pay app, but if you click on the ‘Expanded View’ button you’ll also see a separate line showing the total calculation as well as how much has been released.