Get the free Schedule of Retainage Payable

Comptroller's Directive No. 117 Attachment 22 Schedule of Retain age PayablePurposeTo obtain the amount of retain age payable as of June 30, 2017. Retain age payable is the amount due on a contract

How to fill out schedule of retainage payable

How to fill out schedule of retainage payable

1. Gather all the necessary documents related to the retainage payable such as contracts, invoices, and payment records.
2. Identify the percentage or amount that needs to be retained from each payment. This is typically stated in the contract terms.
3. Create a schedule that outlines the details of each payment and the corresponding amount to be retained. This can be done using a spreadsheet or accounting software.
4. Include the relevant information in the schedule, such as the date of the payment, the total amount, the retained amount, and any additional details required.
5. Review the schedule for accuracy and completeness. Make sure all payments and retainage amounts are accounted for.
6. Share the schedule with all relevant parties, such as contractors, subcontractors, and the accounting department.
7. Update the schedule as needed when new payments are made or changes occur in the retainage terms.
8. Regularly reconcile the schedule with actual payments and adjust any discrepancies.
9. Keep a record of the schedule and related documents for future reference and auditing purposes.

Who needs schedule of retainage payable?

1. Construction companies and contractors who receive payments in increments and need to retain a portion of those payments as security.
2. Subcontractors who are required to retain a portion of payments received from the main contractor.
3. Accounting departments or professionals responsible for managing the financial records and obligations of a company.
4. Auditors or government agencies that may require the schedule of retainage payable for compliance or auditing purposes.

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What is schedule of retainage payable?

The schedule of retainage payable is a document that outlines the amount of retainage that a contractor or subcontractor is owed by the project owner.

Who is required to file schedule of retainage payable?

Contractors and subcontractors who are owed retainage are required to file the schedule of retainage payable.

How to fill out schedule of retainage payable?

The schedule of retainage payable can be filled out by providing details of the project, the amount of retainage owed, and any other relevant information.

What is the purpose of schedule of retainage payable?

The purpose of the schedule of retainage payable is to ensure that contractors and subcontractors receive the retainage that they are owed in a timely manner.

What information must be reported on schedule of retainage payable?

The schedule of retainage payable must include details of the project, the amount of retainage owed, the names of the parties involved, and any other relevant information.