Calculator guide
Calculate current progress billing and retainage from contract completion. Use the explicitly labelled inputs below; rates, dimensions, and costs are assumptions, not live quotes.
Formula or method
Earned amount = contract value × completed percent. Subtract retained percentage of earned value and previous billings for the current invoice.
How to use this calculator
- Set Contract value ($). The interface starts with 100000; replace it with the value for your scenario.
- Set Previously billed ($). The interface starts with 25000; replace it with the value for your scenario.
- Set Completion after this invoice (%). The interface starts with 40; replace it with the value for your scenario.
- Set Retainage (%). The interface starts with 10; replace it with the value for your scenario.
- Compare the result with the worked example, then vary one assumption at a time so you can see what changes.
Worked example
Enter Contract value = 100000 $; Previously billed = 25000 $; Completion after this invoice = 40 %; Retainage = 10 %. With those assumptions, the calculator gives Earned to date: $40,000.00; Retainage held to date: $4,000.00; Current invoice due: $11,000.00; Previous billings: $25,000.00. These outputs are calculated from the same implementation as the interactive tool.
Understanding the result
In this example, Earned to date is $40,000.00. Retainage held to date is $4,000.00. Verify measurements, manufacturer coverage, packaging, local code, and site conditions. Quantity and budget estimates do not certify structural or electrical safety.
Limitations and assumptions
- Verify measurements, manufacturer coverage, packaging, local code, and site conditions. Quantity and budget estimates do not certify structural or electrical safety.
- The worked example demonstrates the stated assumptions, not a recommendation about your personal circumstances.
Frequently asked questions
Which inputs should I check first?
For Progress Invoice Retainage Calculator, check Contract value, Previously billed, Completion after this invoice, Retainage. Keep the displayed units and select options consistent; do not treat default values as recommendations.
Why might my result differ from another tool?
Compare the other tool's progress invoice retainage calculator method, input units, rounding and assumptions. A matching title does not guarantee that both tools answer the same question.
Does a linked reference certify this result?
No. A reference can explain a formula or provide background for Progress Invoice Retainage Calculator, but it does not endorse this website, validate personal inputs or establish professional suitability.
Sources
Educational and planning information only. Sources are attributed background or formula references, not endorsements. Verify consequential decisions with an appropriate qualified professional.