Retainage Summary by Commodity Line
This page displays the Award information and retainage terms at the Commodity Line level. It is also used to establish the payout of retainage, and to track the amount of retainage withheld against each commodity on the Award transaction that is subject to retainage. The Retainage Summary page is first updated when an Award transaction with Retainage Terms is submitted. During the Retainage Payout process, the payment transactions (PR/GAX) and disbursement transactions (AD/EFT/MD) further update the Retainage Summary page. In addition, the Retainage Summary by Commodity Line page includes:
Option to release the retainage. The fields used for the release of retainage by Commodity Line include the following:
Payout Method: the method to release retainage. Options include: Vendor, Third Party, Collateral Substitution, Forfeiture to Expenditure, Forfeiture to Revenue, and Forfeiture to Trust and Agency.
Schedule Payment Date: the date the payout transaction should be scheduled for payment. The date should be equal to the current or future date.
Requested Retainage Released/Forfeiture Amount: the amount to be released. It should be equal or less than the Total Retainage Withheld amount.
Vendor Invoice information: the referencing Vendor Invoice Number, Line Number, and Date if applicable.
Tracking Date: the Tracking Date if needed. The entered value will be updated to the payout transaction.
Sign-Off Date: the Sign-Off Date if needed. The entered value will be updated to the payout transaction.
Payment Type: the Payment Type if needed. The entered value will be updated to the payout transaction.
3rd Party Vendor information: 3rd party vendor code and Address ID if making payment to a third party vendor.
Payment Address ID: if the retainage payment should be to a specific address ID, enter the ID.
Fields that display the Total Contract Amount, Total Contract Payments, Total Retainage Payable and Total Retainage Withheld by commodity line.
The Retainage Summary page is the primary input for the Retainage Payout process. Information on this page determines which records are selected during the payout process. In order to payout retainage on an Award, a Schedule Payment Date, Payout Amount, and Payout Method must be entered on the Retainage Summary By Commodity Line page. If any of these fields are not completed, the Retainage Payout process will be unable to process the record.
Please refer to the "Retainage" topic in this guide for more information on the complete retainage process.
