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Construction Summer 2012Industry AdvisorRetainage payable: A simple change can defer taxes Going public Understand prevailing wage laws before you bid on public works projectsBuild a future for your
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How to fill out retainage payable a simple
How to fill out retainage payable a simple:
01
Retrieve the retainage payable form from the appropriate source, such as your company's accounting software or a template provided by your client.
02
Fill in the necessary identification details, such as the name of the project, contractor/vendor information, and the billing period.
03
Calculate the retainage payable amount by applying the predetermined percentage or rate to the total invoice or contract amount.
04
Ensure accuracy by double-checking the calculations and reviewing any specific instructions or requirements provided by your client.
05
Enter the calculated amount in the designated field on the retainage payable form.
06
Submit the completed form to the appropriate party, whether it is your client, accounts payable department, or project manager.
Who needs retainage payable a simple:
01
Construction contractors and subcontractors: Retainage, which is a portion of the contract value held back by the client until the project's completion, is common in the construction industry. Contractors and subcontractors need to understand and fill out retainage payable forms to ensure proper accounting and financial management.
02
Project managers: Those responsible for overseeing construction projects or managing vendor relationships may need to fill out retainage payable forms as part of their duties. It helps them keep track of the retainage amounts and ensure compliance with the project's contractual terms.
03
Accounts payable personnel: The accounts payable department of a company deals with processing invoices and making payments. They are often responsible for filling out retainage payable forms as part of the payment process. It is crucial for them to accurately complete these forms to ensure proper record-keeping and payment reconciliation.
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What is retainage payable a simple?
Retainage payable a simple is a portion of a contract's payment that is withheld until the work is substantially complete.
Who is required to file retainage payable a simple?
Contractors and subcontractors who have a retainage clause in their contracts are required to file retainage payable a simple.
How to fill out retainage payable a simple?
Retainage payable a simple can be filled out by providing details of the contract, the amount being retained, and the reasons for retention.
What is the purpose of retainage payable a simple?
The purpose of retainage payable a simple is to ensure that the work is completed satisfactorily before the full payment is released.
What information must be reported on retainage payable a simple?
Information such as contract details, retainage amount, payment terms, and reasons for retention must be reported on retainage payable a simple.
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