Retainage holds back a percentage of each pay request until later in the project. Oversite tracks the retained amount as you bill, and you release it on a later pay request when it is time to return it.
Administrators and Project Managers can set project retainage.
How to turn on project retainage
Start on the project you want to configure.
Open the project's Settings.
Turn the Project Retainage switch on. Gray is off, blue is on.
Enter the percent of each pay request to retain. For example, entering 10 retains 10 percent of each pay request.
Oversite now holds retainage on each pay request at that percentage.
Note: Set the retainage percentage before the first pay request so it matches the contract, and confirm it in the project settings before you bill.
Which work retainage applies to
Only items marked as participating are subject to retainage. The held amount is the retainage percentage applied to the participating billed work for the period.
There is no ceiling on retainage. It is applied to participating work on every pay request and does not stop at a threshold of the contract value. If retainage is turned off for the project, no retainage is held and the rate is zero.
How to release retained value
You release held retainage when creating or editing a pay request. See Releasing Retained Value.
Troubleshooting
The retainage amount looks wrong. Check the retainage percentage in the project's settings, and confirm which items are set to participate, since only participating items are included in the held amount.