Retainage Calculations
This equation shows how the system calculated the percent complete:
(Net Amount) ÷ (Schedule of Values) = (Percent Complete) |
|---|
7,200.00 ÷ 12,000.00= 0.6 |
This equation shows how the system calculated the total retainage:
(Schedule of Values) × (Retainage Completion) × (Retainage Percentage) = (Retainage Amount) |
|---|
12,000.00 × 0.30 × 0.10 = 360.00 |
This table shows how the system calculated the retainage for each billing line:
Billing Line |
(Net Amount) ÷ (Total Net Amount) × (Retainage Amount) = Billing Line Retainage Amount |
|---|---|
001 |
1,200.00 ÷ 7,200.00 × 360.00 = 60.00 |
002 |
6,000.00 ÷ 7,200.00 × 360.00 = 300.00 |