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Vendor payment retention - how to released retained amounts

Hello:

I'm testing out the vendor invoice retention feature/function. I setup the retention terms, setup the values on the project vendor payments fast tab. I created a PO for the specific vendor and went through three product receipts for different quantities, invoicing after each product receipt. Along the way, I review the invoice header amount against their line(s). I also checked the project retention by purchase order and invoice. After receiving and invoicing the last PO quantities, I'm not sure what I'm looking at.

Looking from the project at Payments retained from vendors > by purchase order, the PO shows 0.00 for retained amount. Then using Payments retained from vendors > by vendor invoice, my first invoice shows a retained amount value under the lines section, while my other two invoices show 0.00 under retained amount but has values under retained amount to release.

Looking at the PO invoices, all the header amounts are correct for the unit received while at the line the amounts show amount with the retention deducted.

I guess the general question is what's next? How do I release the retained amounts?

Hi,

You can refer to this official document: Create and apply vendor payment retention terms | Microsoft Learn. This article introduces about Percentage of units delivered, Percentage to retain and Percentage to release.

Percentage of units delivered: Enter a percentage of completion for the term. Amounts are automatically retained on vendor invoices until the project stage of completion is equal to the specified percentage. For example, if you enter 50.00, amounts are retained until the project is 50 percent completed.
Percentage to retain: Enter a percentage of the vendor invoice amount to be retained. For example, if you enter 10.00, then 10 percent of the amount on a vendor invoice is retained until the project reaches the percentage of completion as set in the Percentage of units delivered field.
Percentage to release: Select Add line to enter a percentage of any previously retained amounts to be released for the selected level of project completion.

You can also refer to this official document: Set up vendor retention | Microsoft Learn. This article provides information about how to set up vendor retention.

Best regards,

Kevin

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