E1: 43: Retainage at Voucher Match
(Doc ID 625591.1)
Last updated on MAY 15, 2019
JD Edwards EnterpriseOne Procurement and Subcontract Management - Version XE and later Information in this document applies to any platform.
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.
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.
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