Before adding document 92464 or change orders to Rabbet, ensure you've established an Escrow division in your budget. Create this divisions via the Budget tab > Edit Original Budget, allocating a specific section for Escrow. It is important to be consistent on this naming for easy reporting across your projects.
Adding the Division for Escrow
Press Edit Original Budget (Note this does require you have permission to do so.)
Then Add the Escrow Division and Initial Escrow Proceeds Line Item
Setting the Retainage
After creating the division, navigate to Project Settings > Line Item Settings to set the retainage % for the newly created line item/s.
Now you are ready to upload a change order.
Uploading A Change Order
When a change order is received you will upload the change order to the project documents for document storage. Navigate to the Project > Documents tab > Add Documents. When uploading a change order, add a line item matching the text in the "Item or Construction Change Request Name" to the budget. This can also be done through edit original budget, or when adding the change order to the project under Budget Adjustments > Create New Line Item. However you create the line item, a line item for the Change Order must be created with the amount approved for the change order.
Upload the change order as an Executed Change Order. Enter in the applicable information for vendor, reason, and days. In Contract Changes you will input the amount being adjusted. Under Budget Adjustments you will do the same. The budget adjustments is what will create the actual adjustment.
@tom They won't have agreements so remove "Contract Changes" from this screen shot.
92464 Document Upload
When an Escrow request comes in, upload the 92464 as you upload any document. Do note to classify it as a 92464 and allow it to parse.
Rabbet will attempt to match rows in the "Item or Construction Change Request Number" column with line items in Rabbet up to "Total."
Rabbet will pull amounts from Column C ("Amounts Completed") and calculate "Current Amount Requested" by subtracting "Amounts Previous Drawn."
Rabbet will then calculate "Less Retained" and determine the Net Amount due for the current requisition.
This will allow you to process the request and create any other documents related to disbursing Escrow Proceeds.
Some Things to Know:
Manual Input Required: Not all 92464 documents may be readable; manual input of line items and amounts may be necessary on occasion.
Column Confirmation: Rabbet does not confirm anything in Columns A or B.
Manual Updates: Updating Column D must be done manually on the document and in the fields on the PDF viewer on the right for the amount changes to be both document in system and on the document. @tom It may be worth adding the steps to write on the document or linking to it here.
Retainage Release: Retainage release needs a separate process using the "Edit Amount Requested" functionality when processed. @tom insert link to help article on releasing retainage.
Do you have questions or feedback? Please email us at help@rabbet.com