In this article, you'll find information on contract retention in Planyard and how to activate it.
Introduction
It’s possible to manage the agreed-upon retention for each of your subcontracts in Planyard. This allows you to retain the specified amount for each of your contracts in Planyard. Additionally, if you have integrated Planyard with your accounting system, the cost sent to accounting when processing an invoice related to an active subcontract will reflect the total amount of the invoice minus the retained amount.
To utilise the subcontractor retention feature, you must first activate it via the Company-wide Features page. Note that only users with permission to edit company settings and integrations can activate this feature. Follow these steps to activate the feature:
Activate Contract Retention
In order to activate the contract retention feature, follow these steps:
- Click company in the top menu row.
- Click settings in the company settings menu.
- Click 'Company-wide features'
- Find 'Contract retention' in the list of features and activate it.
When creating a new subcontract for any of your active projects, you will have the option to add retention to the contract, either by Planyard deducting a percentage of all incoming invoices automatically or by deducting it manually for every invoice.