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Procore (en-GB)

Create an Invoice for Release of Retainage

Objective

To create a subcontractor invoice for the release of retainage.

Background

Things to Consider

  • Required User Permissions:
    • To create an payment application to release retention before or after the billing period's 'Due Date' has passed, 'Admin' level permissions on the project's Commitments tool. 
    • To create an payment application to release retention before the billing period's 'Due Date', 'Standard' level permissions on the project's Commitments tool and you must be added to the purchase order or subcontract as an 'Payment Application Contact.' This automatically adds your name to the 'Private' drop-down list. 
    • To modify the retention amount to release on an payment application before the billing period's 'Due Date', 'Read Only' level permissions on the project's Commitments tool and you must be added to the purchase order or commitment as an 'Payment Application Contact.' This automatically adds your name to the 'Private' drop-down list. Note: You do NOT have permissions to change the status of an payment application and you will only have access to use the 'Submit for Review' button in the payment application. 

Prerequisites

  • Create a subcontractor payment application and save it as a 'Draft'.

Steps

  1. Navigate to the project's Invoicing tool. 
  2. Click the Subcontractor tab.
  3. Locate the payment application that you want to update and click its link to open it.
  4. Under the Summary tab, verify that the information is updated. 
  5. Click the Detail tab.
  6. Click Edit.
  7. Scroll to the Retention columns in the table.
  8. Under the Retention - Released this Period section, enter an amount to show the retention being released this billing period.
  9. Under the Retention - Currently Retained column, the system automatically updates the retention amount that is being withheld.

    released-this-period.png
  10. Optional. If the contractor will create a payment programme once the payment application is approved, enter the amounts for the work you are claiming this period in the Subcontractor Claimed This Period column.
    Note: In order for the 'Subcontractor Claimed This Period' column to appear, the payment programme feature must be enabled in the Invoicing tool’s configuration settings. See Configure Settings: Invoicing.

subcontractor-field.png

  1. Click Save.
  2. Optional. If the payment application administrator requires you to include a signed copy of the PDF, complete the following steps:
    1. Choose Export > PDF.
    2. Sign the PDF.
       Tip

      How do you add a signature to a PDF? Depending on your specific business requirements, there are different options you can evaluate to determine the best option for you:

      • Wet Signature. You can print out the exported PDF file and add a physical signature. Then use a scanner or camera to capture the signed document and add it to your payment application an attachment. 
      • Electronic Signature. You can add a digital or electronic signature to the payment application. There are a variety of third-party software vendors, such as DocuSign© and Adobe® Acrobat™, that provide signature capabilities for PDF files. After you sign the document, add it to your payment application as an attachment. 
  3. Click the Summary tab.
  4. Click Edit.
  5. In the Attachments section, upload any required backup documentation, such as lien waivers and the signed export PDF.
  6. Choose from the following options:
    • If you are ready to submit the payment application to the contractor, click submit for Review. This changes the payment application status to Under Review
    • If you are NOT ready to submit the invoice, click Save. This sets the invoice status to Draft.
      Note: Once you submit the invoice to the contractor, you will no longer be able to edit it unless the contractor changes the status Revise & Resubmit.

 

If you would like to learn more about Procore’s invoice management software and how it can help your business, please visit our construction invoice management software product page here.