Retentions are basically elements of payments withheld by a customer until a job has been fully signed off as complete to an agreed level of satisfaction. Retentions are very common in the construction industry, where as an example, 5% of the invoice value will not be paid until the job has been signed off. This could be six months after the job has been completed.
Keeping track of what has been retained by who, and when that retention is due to be released, can take up a lot of work. Using the accrued income tools available in nettTracker, each retention can be listed, together with dates when the payment should be expected. The below video will give an idea of how the process could work.
Retentions