E1: 43: Retainage at Voucher Match (Doc ID 625591.1)

Last updated on OCTOBER 10, 2023

Applies to:

Purpose

Overview

Retainage is the percentage of a committed amount that is withheld until a specified date. The payment being retained is often held until all work under a construction contract, service or receipt has been completed. This retainage amount is paid out at the time the contractor has provided written notice of acceptance of the project. The retained portion represents a pre-determined amount to cover any unfinished work.

Scope

 The purpose of the attached article is to show the required steps for activating and releasing retainage at the time of voucher match. The implications of applying taxes to retainage are also discussed within this article.

Details

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