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Integrated Project Delivery and retainage
in Purchasing
Our organization has started to use Integrated Project Delivery (IPD) as a method when we award a building project.
One of the outcomes is how the invoicing is done when it relates to Retainage.
The PO will have 1 line for the entire project and we get invoice monthly. However due to the contract terms the retainage % could be different each invoice.
We have looked at this a few ways,
- Create a CO on the po to change the current 10% to the new rate of 12%.
- Create a PO for each Invoice
- Do not enter a retainage % on the PO and handle the invoice retainage on the AP side.
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