If your company has a subscription for upgraded TeamPlayer features, your enabled vendors will be able to submit their invoices electronically via their TeamPlayer portals. When receiving invoices from TeamPlayer, you may notice the Vendor has entered a retainage amount that is incorrect or does not match the contract terms. In this situation, you may either "Reject and Cancel" the invoice in order to request a resubmission from the vendor OR you may adjust the retainage on the draft invoice in RedTeam Flex without returning it to the vendor.
This article will explain how you can adjust the retainage to match your contract terms without having to reject the invoice back to your vendor for resubmission.
The vendor invoice must be in Draft status to be able to adjust retainage. Go to Step 2: Job Cost and click Calculate.
Click Adjust next to the Total Retainage line, as shown below.
Retainage then can be adjusted either for the Current Invoice or for the Total of all previous invoices already submitted. In either case, you can adjust the retainage either by Percentage or by Amount.
By selecting the Total option, you can adjust the retainage for all previous invoices submitted including the current one.
By selecting the Current option, you can adjust the retainage ONLY for the current invoice. Any invoices submitted previously or after the current invoice will use the retainage percentage established in the contract terms.
Once you entered the correct amount or percentage click Save. If you need to go back without saving the changes, click Back.
Changes will be reflected in the Total Retainage line, you may then continue to Commit and route your invoice as normal.
NOTE: Keep in mind that for Invoices coming from TeamPlayer, you can only adjust or edit the Retainage. The amounts for the SOV lines cannot be edited. If any correction needs to be made to SOV lines, you will need to "Reject and Cancel" the invoice (in Step 5: Approval) and have the Vendor resubmit with the corrected amounts via their TeamPlayer portal.
