Retainage Release

When your work for the contract is complete and you have billed your customer for the total cost and award fee amount, you decide to release the entire retainage for the funding level contract. If you do not have any other invoice amounts to bill, you can create a manual batch and invoice on which to release retainage. You select Retainage Release from the Form menu on the Contract Billing Line Inquiry form.

On the Advanced Contract Billing Retention Release form, you select the Release option and then click the Perform Release/Adjustment button. The Contract Billing Line Inquiry form displays the retainage amounts after you click Perform Release/Adjustment on the Advanced Contract Billing Retention Release form. The system displays the released retainage as a negative amount.

When you click Cancel to return to the Work With Invoices form, the system displays the retainage amount as a positive amount. You can now submit the invoice that contains the retainage amount to the customer so that you can receive payment for the entire amount for the funding level contract.