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Procore

Set Retention for a Contract in Portfolio Financials

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 Note
This information is intended for accounts with Portfolio Financials product in Procore. Please reach out to your Procore point of contact for more information. 

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 payment applications are submitted against the bill of quantities.

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.

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