Question:
How do I release Retention on a Payment Application?
Answer:
To change the Retention % going forward (does not release any prior retention amounts):
- On the Payment Application document, Retention is shown on the Details tab. If you change the Retention % here, the SOV workbook will prompt you, upon opening, with a dialog box confirming that you want to change Retention on the spreadsheet to match the Payment Application document (vs. matching the Retention % on the Project Setup document). The result in this case is that the SOV workbook opens with the new Retention % and that new Retention % is used ‘going forward‘. That means on this billing the new Retention % will be used. It does not affect any of the Retention on prior Payment Applications nor release any of the Retention from prior Payment Applications.
To release Retention when changing the Retention %:
- Do not change the Retention % on the Details tab of the Payment Application document.
- Open the SOV workbook and change the Retention % on the line items. Multiple lines can be changed at one time by using standard Excel functionality, for example, highlighting the cells, typing the new % and pressing Ctrl+enter to enter your new % in multiple lines.
- Still in the SOV workbook, select Release Prior Retention by % from the Spitfire menu. Spitfire will recalculate the retention amounts based on your ‘changed‘ Retention %.
To release Retention as part of Final Billing:
- Open the SOV workbook.
- Select Final Billing from the Spitfire menu.
- In the dialog box, check Include Retention.
All line items will change to 100% complete. If ‘Include Retention‘ was selected, Retention will be released.
To not release Retention as part of Final Billing:
- Open the SOV workbook.
- Select Final Billing from the Spitfire menu.
- In the dialog box, leave Include Retention unchecked.
Additional Comments:
For more information, see the Focus on Schedule of Values (SOV) Billing guide.
KBA-01346; Last updated: October 17, 2016 at 10:11 am;