When receiving invoices from TeamPlayer you might notice the Vendor entered the wrong amount for retainage and it doesn't match the contract terms. You then have 2 options, either reject and cancel the Invoice and have the vendor resubmit the bill with the correct amounts OR you can adjust it on your end in RedTeam in the Job Cost step of the Draft Vendor Invoice form.
This article will explain how you can adjust the retainage on your end to match your contract terms.
The vendor invoice needs to be in Draft status to be able to adjust retainage. Go to step 2 Job Cost and click Calculate.
Click Adjust on the section below.
Retainage then can be adjusted either for the Current Invoice or for the Total of all previous invoices already submitted. In either one of the options, you can adjust the retainage by Percentage or by Amount.
By selecting the option Total, you'd be adjusting the retainage for all previous invoices submitted including the current one.
By selecting the option Current, you'd be adjusting the retainage ONLY for the current invoice, any invoices submitted previously or after 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, just click Back.
Changes will be reflected in the Total Retainage line, you can then continue to Commit and route your invoice.
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 done for SOV lines, you'd need to Reject and Cancel the invoice and have the Vendor resubmit with the corrected amounts.
