In some regions, the contractor is required (or expected) to set aside withheld retention in a separate trust account or to provide an alternative security — such as a bank guarantee or bond — in place of cash retention. Retention Track lets you record these arrangements against the contractor and then link them to specific contracts, so you have a single place to keep track of where your retention is being held.
In this article we walk you through:
What a retention trust account or security is
Regional availability
Security types supported
Adding a security to a contractor
Linking a security to a contract
Editing a security
Common questions
What a retention trust account or security is
When retention is withheld on a contract, the funds either stay with the contractor or are set aside in some form of security so they remain available when it's time to release them. Retention Track lets you record two kinds of arrangements:
Trust accounts — a separate bank account, typically a "retention trust account", where the contractor holds withheld retention for your benefit. Common in Australia and New Zealand under retention trust legislation.
Instruments — a financial instrument provided in place of cash retention, such as a bank guarantee or an insurance bond. Available in New Zealand.
Together these are called retention securities in Retention Track. A security is recorded against the contractor, and then any number of that contractor's contracts can be linked to it. The link is informational — Retention Track stores the security details so you can see them at a glance, but it does not move or reconcile funds with the bank or instrument provider.
Regional availability
Retention securities are available in the following workspace regions:
Region | Securities |
Australia | Available — bank accounts only |
New Zealand | Available — bank accounts and instruments |
United Kingdom | Not available |
Note: The region is set when a workspace is created and applies to every company and contract in that workspace. If you're in a UK workspace, the Retention Securities card and the trust account field on the contract form are hidden.
Security types supported
The types you can choose from, and the details Retention Track asks for, depend on your workspace region.
Australia
Bank Account — record the bank account where retention is being held. Retention Track captures the BSB and Account Number.
New Zealand
Bank Account — record the bank account where retention is being held. Retention Track captures the Account Number.
Instrument — record a bank guarantee, insurance bond, or other financial instrument provided in lieu of cash retention. Retention Track captures a single Identifier (for example, a guarantee or bond reference number).
Adding a security to a contractor
Securities live on the contractor — once added, they can be linked to any of that contractor's contracts.
Click Contractors in the left sidebar.
Open the contractor you want to add a security for.
Find the Retention Securities card on the contractor's page.
Click New Security in the top right of the card. The Create a New Security dialog opens.
Fill in the form (see Form fields below).
Click Create Security. The new security appears in the Retention Securities card.
If the Retention Securities card is empty, you'll see a "No retention securities for {contractor name}" message — the New Security button is still in the top right.
Form fields
Field | Description |
Security Name | A short name to identify the security. Shown wherever the security appears in Retention Track — for example, in the trust account dropdown on the contract form. Use something you'll recognise easily, such as the bank and contract reference, or the guarantee number. |
Security Type | The kind of security being recorded. The available options depend on your workspace region (see Security types supported). Changing the type updates which identifier fields appear below. |
Identifier values | A small table of identifier rows beneath the type. Each row has a fixed identifier name (such as BSB or Account Number) and a value field for you to fill in. The rows shown depend on the security type — for example, an Australian Bank Account shows both a BSB row and an Account Number row. |
Linking a security to a contract
Once a security exists on the contractor, you can link it to any contract for that contractor.
On a new contract
From the Contracts list, click Create Contract.
Fill in the contract details as normal — see Creating a Contract.
In the Contractor Details section, after selecting the contractor and contacts, open the Retention Trust Account or Security dropdown.
Pick one of the contractor's securities, or leave it set to None if no security applies to this contract.
Save the contract.
Note: The dropdown is disabled until you've selected a contractor. Only securities that belong to the selected contractor are listed — if the security you want isn't there, add it on the contractor's page first.
On an existing contract
You can change the linked security on an existing contract at any time:
Open the contract.
Click Edit to open the contract edit form.
Under Contractor Details, change the Retention Trust Account or Security dropdown to the new security, or set it to None to remove the link.
Save your changes.
Editing a security
If the security's name or any of its identifier values change — for example, the contractor moves the funds to a different account, or a bank guarantee is reissued under a new reference — you can update the security in place rather than creating a new one.
Open the contractor's page.
In the Retention Securities card, find the security you want to edit.
Click the pencil icon on the security's row. The Edit Security dialog opens.
Update the Security Name or any identifier values.
Click Update Security to save.
The changes apply to every contract the security is linked to — there's no need to update each contract individually.
Note: The Security Type cannot be changed after the security has been created. If you need to switch a contractor's security from a bank account to an instrument (or vice versa), create a new security of the right type and re-link any affected contracts to the new one.
Common questions
I'm in a UK workspace and can't see the Retention Securities card. Why?
Retention securities are only available in Australian and New Zealand workspaces. In the UK, the Retention Securities card on the contractor page and the trust account field on the contract form are hidden.
Can a contractor have more than one security?
Yes. There's no limit to how many securities a contractor can have. Each contract is linked to one security at most.
Is a security required to create a contract?
No. The Retention Trust Account or Security field is optional. Leave it set to None if no security applies to the contract.
Can the same security be used on multiple contracts?
Yes — that's the intended pattern. Add the security once on the contractor, then link as many of that contractor's contracts to it as you need. Editing the security details updates the information shown on every contract that's linked to it.
I picked the wrong security type. Can I change it?
The security type is fixed once the security has been created. Create a new security of the correct type, link any affected contracts to the new one, and use the old security for nothing further.
Does Retention Track move funds in or out of the trust account?
No. The security record is informational only — Retention Track does not hold funds, talk to your bank, or reconcile balances with the trust account or instrument provider. It exists so you can see where retention on a contract is being held without leaving Retention Track.