Calculate Retainage for Requisitions

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If you record retainage by entering a percentage, Contract Management calculates the retainage for completed work and stored materials. If you choose to record retainage in the Total Retainage field in the Requisition Summary section, be sure the value you enter includes completed work and stored materials for all periods to date. (To edit the Total Retainage field, you must choose the Enter Total Retainage in the Requisition Summary option in the Requisition Options dialog box for the contract or purchase order.) If you choose to record retainage by editing each line item in the Schedule of Values section, enter the total retainage for stored materials and completed work or enter a percentage in the Retain % field (column I).

The two values in column I are linked. If you enter a currency value, Contract Management calculates the percentage. If you enter a percentage, Contract Management calculates the value by multiplying the percentage by the Completed and Stored to Date, D+E+F value (column G).

Contract Management sums the values in Column I and displays the total in the Completed and Stored To Date field in the Requisition Summary section. No separate retainage value for stored materials is calculated.