Progress Billing Tracker with Retainage Calculator for Contractors
A progress billing tracker keeps one answer in front of you for every job: how much you've billed so far, how much retainage is being held, and what's still owed. Without one, those numbers end up in a spreadsheet nobody trusts.
This free Progress Billing & Retainage Tracker from LiveFixPro Bookkeeping takes your contract value, the percent complete at each draw, your retainage percent and the payments you've received, and works out the rest.
It runs in your browser. Nothing you enter is uploaded, sent or stored, and it works offline once the page is open.
No account and no uploads. This tool sets no cookies and has no analytics of its own.
What the tracker asks for
The contract
Contract value ($). Include approved change orders.
Retainage held back (%). The percent from your contract.
Retainage released to you so far ($), optional.
Your draws. Add one row per draw, in order:
Cumulative % complete you billed at that draw. For example 25%, then 55%, then 80%.
Payment received ($) for that draw.
Every number is your own. Want a quick look? Tap Load a sample. The sample data is made up.
What you get back
For each draw:
Billed this draw. Contract value times the change in cumulative % complete.
Retainage withheld. The amount billed times your retainage %.
Net due. Billed minus retainage.
Net still owed. Net due minus the payment you received.
And a set of summary cards:
Billed to date, with the percent of the contract.
Retainage withheld to date.
Retainage still held.
Billed net, not yet received.
Contract left to bill.
Print it or download a CSV. In the CSV download, a draw label that starts with =, +, - or @ gets an apostrophe in front so a spreadsheet shows it as plain text.
A quick example of the math (made-up numbers)
With a contract value of $100,000 and 10% retainage, a draw that takes cumulative completion from 20% to 50% bills 30% of the contract, or $30,000. Retainage withheld is $3,000, and the net due is $27,000. The tracker does this for every draw and adds them up.
Check your contract
Rules for billing, retainage and payment timing vary by contract and by state. The tracker works only from the numbers you enter and doesn't interpret your contract. Check your contract and your state's own resources, and talk to a professional if you need legal advice.
Keep it clean in QuickBooks®
The tracker is a check on your books, not a replacement for them.
Bill each draw as a separate invoice that matches your schedule of values.
Record retainage held back as its own line or account, so it doesn't sit in income or get lost in open balances.
When retainage is released, record the payment against the right invoices and note the release date.
Review open invoices against this sheet each month.
What this tool is not
It's a calculator for your own numbers. It doesn't connect to QuickBooks, read your contract or give legal or accounting advice. If an entry is missing or doesn't make sense, the tracker shows a clear message telling you what to fix instead of a result.
Want progress billing and retainage set up cleanly in your books?
LiveFixPro Bookkeeping's published prices are $1,999 fixed one-time for Cleanup for QuickBooks® Users and $499/mo for monthly bookkeeping. What each includes is confirmed on the free consult. Book a free consult and we'll talk through where your books stand.
FAQ
What is a progress billing tracker?
A tracker that shows how much of a contract you've billed in stages, how much retainage has been held back, and what is still owed. This one works it out from your contract value, percent complete at each draw, retainage % and payments.
How do I calculate retainage?
Multiply the amount billed for a draw by your retainage percent. The rest is the net due for that draw. The tracker does this for every draw and totals the retainage withheld.
What do I enter for percent complete?
The cumulative percent you billed at each draw, in order, not the change since the last draw. For example 25%, then 55%, then 80%.
Does it tell me when retainage must be released or paid?
No. Rules for billing, retainage and payment timing vary by contract and by state. Check your contract and your state's own resources.
Does the tracker keep my contract numbers?
No. It runs in your browser, and nothing you enter is uploaded, sent or stored.
Run your draws now
Use the tracker above to see where a job stands, and book a free consult if you'd like help getting progress billing and retainage set up cleanly in your books.
QuickBooks® is a registered trademark of Intuit Inc. LiveFixPro is independent and not endorsed by Intuit.
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QuickBooks® is a registered trademark of Intuit Inc. LiveFixPro is independent and not endorsed by Intuit.