From time to time, you may encounter a small rounding issue on a pay application that appears when the amount due in Projectmates differs from the contractor's back up documentation by one penny in favor of the owner.
Example 1: A line item gets billed to an odd cent with 10% retainage
Total Work Complete Amount: $1,991.25
Less 10% Retainage: $199.125
Amount Due: $1,792.125
Since we can't split a penny, Projectmates holds onto the 1/2 penny difference and rounds up on the owner's overall retainage and rounds down on the amount due to the contractor. In Projectmates, the amount due would be $1,792.12, whereas the contractor might be expecting $1792.13.
To avoid this minor discrepancy in the future, you may consider requesting contractors not bill to the hundredths decimal place - cent - ($1,991.25 for example) on retainage line items or just be aware that it may cause +/- penny discrepancy due to retainage on total payment amount due.
Example 2: A line item gets billed to an even cent with 5% retainage
Total Work Complete Amount: $1,874,664.70
Less 5% Retainage:$93,733.235
Amount Due: $1,780,931.465
Again, Projectmates holds onto the 1/2 penny difference and rounds up on the owner's overall retainage and rounds down on the amount due to the contractor. In Projectmates, the amount due would be $1,780,931.46, whereas the contractor might be expecting $1,780,931.47.
Fortunately, since retainage is cumulative over the life of the contract, a penny rounding issue will balance out in due time.