This release allows Procore clients to control when and how retainage is billed on Subcontractor/Commitment Invoices. Deemed very important by more than 40 Procore customers, this new feature introduces a new Invoice Type field that controls what columns are billable on the Invoice, giving users the information they need to manage retainage.
The Invitation to Bill now features Commitment Number, Title and Invoice Type. Additionally, a new Invitation to Bill dropdown offers three options:
Work, Materials, and Retainage - anything can be billed
Work and Materials - Removes the ability to bill for Retainage
Retainage Release - Only Retainage can be billed
These new controls greatly reduce the potential for retainage billing errors and releasing funds before they are due for better financial control of the project. Click here to learn more about Configuration Settings on Invoices. Click here to learn more about Sending an Invite to Bill. Click here to learn about Accepting or Declining an Invite to Bill as an Invoice Contact.
