How the draw is worked out
- Completed to date for each line: the scheduled value x percent complete, or the amount you enter.
- Retainage held on each line: completed to date x the retainage rate, to the cent. The lines add up to the total.
- Earned less retainage = work completed to date - retainage held.
- Current payment due = earned less retainage - previous payments.
- Balance to finish, including retainage = contract value - earned less retainage.
This is the same layout as the summary on most progress billing forms: contract sum, work completed to date, retainage, earned less retainage, previous certificates, current payment due and balance to finish.
Worked example
The sample loaded above is a fictional project with 10% retainage and $180,000 paid on earlier draws.
| Line | Scheduled | Entered | Completed |
|---|---|---|---|
| General conditions | $48,000 | 40% | $19,200 |
| Site work | $62,000 | 100% | $62,000 |
| Foundations | $85,000 | 100% | $85,000 |
| Framing | $140,000 | 60% | $84,000 |
| Roofing | $38,000 | $9,500 | $9,500 |
| Mechanical and electrical | $120,000 | 15% | $18,000 |
| Contract value (sum of the scheduled values) | $493,000.00 |
| Work completed to date | $277,700.00 |
| Retainage held (10% of work completed) | -$27,770.00 |
| Earned less retainage | $249,930.00 |
| Less previous payments | -$180,000.00 |
| Current payment due | $69,930.00 |
| Balance to finish, including retainage | $243,070.00 |
Go further
Frequently asked questions
What is retainage or holdback?
A percentage of each progress payment that the owner or lender keeps back until the work is finished, to cover deficiencies and liens. It's usually called retainage in the US and holdback in Canada. The rate is set by the contract and, in some places, by law, so check both.
How is the payment due worked out?
Work completed to date, less retainage held on it, gives earned less retainage. Subtract everything already paid or certified on earlier draws, and what's left is the current payment due.
Should I enter percent complete or an amount?
Either, per line. Use percent complete when you bill by progress on the schedule of values, and the dollar amount when you bill by invoices or units in place. Both are to date, not just this period.
What does balance to finish including retainage mean?
The contract value less earned less retainage. It's what remains to be paid on the contract, including the retainage that will be released at the end.
How is retainage rounded?
Retainage is worked out on each line to the cent, rounding half away from zero, and the lines are added up. That way the line detail and the total always agree.
Is my data sent anywhere?
No. The calculator runs in your browser. Nothing you type is uploaded or stored. Download a CSV if you want to keep the figures.