Releasing Retainage on Stored Materials

Release Retainage on Store Materials that are being Installed

Use the process to install stored materials, and then use JB Release Retainage to release. 

Purchase and Install Stored Materials in Job Progress Billing
How to Release Retainage in Job Billing
 

Release Retainage on Stored Materials that are Not being Installed

Release retainage on Stored Materials without Installing and also release WC Amounts - Both for a fixed percentage

Example: You have stored materials retainage and work complete retainage and need to release 50% of the total retainage without installing any materials.

1. In JB Progress Billing, Item SM/Tax, use the filter bar and filter on Prev SM Retg using <>0 so you can see only the lines that have Previous SM Retainage.

2. Enter a negative amount in the SM Retg column to release SM Retainage. You will need to manually calculate this value. For example, to release 50% of retainage, take 50% of the Previous SM Retainage and enter that as a negative number.
3. Open JB Release Retainage. Assuming there are some items that do not have SM retainage, use the Release by Contract option and then release 50%.
4. For any item that has both SM Retainage and Work Complete retainage, you will need to manually enter the amount to release. Use the value from JB Progress Billing >> Item SM/Tax >> Previous WC Retainage to see the amount currently held in retainage. Note: This doesn't work if you are also billing new WC amounts on this bill. For this scenario, it is better to only release retainage on this bill and bill new WC amounts on a subsequent bill.

For a visual aid, see this link: Releasing Retainage for SM Stored Materials & WC Retinage without installing Store Materials (Image)