Payments on contracts
- 2. Go to the Progress Period function from the home screen or from you menu in the Progress Tab
- 3. Enter the Project and the Contract name Once the contract has been chosen, the system will display the current period and the new period that you are about to define (start and end date) Enter the invoice information and a Remark Note that “0” for the current progress period with no start/end dates refers to the first progress period defined for the contract which defaults to the advance payment Once you finish, click OK
- 4. Next go to the Progress Update function Each contract item is displayed in a single row with all the information about it. You can specify your progress by specifying quantity completed to date or the current quantity completed for this period. Once you update one of these fields the other will be calculated automatically by the system.
- 5. Client Charges Function You can define all the client charges on the project for this period You can use the copy button (next to the bottom toolbar) in order to copy already defined client charges from a previous payment certificate or different contract/project.
- 6. The Multimedia function allows you to include certain multimedia material, such as photos and/or videos, as part of your progress report.
- 7. Now that we reported progress on the contract, we are ready to process a payment application. Please note that this is the same as a payment certificate except that it is not linked to accounts (saved for a future step). The Payment Certificate function allows you to link your payment certificate with accounts receivable which in turn will generate the appropriate accounting voucher. Instead, we will utilize the Payment Application function to prepare the information and then link it to accounts receivable in the future. You also have the option of selecting close payment certificate if you want to finalize the criteria so you can send it to accounting Payment Application Function
- 8. A covering letter is usually required when you submit a payment certificate to the customer. This function will allow you to formulate a cover page with standard information and/or customize it depending on the contract terms. You can get saved texts By clicking on the Get Text Button P.C Letter Function
- 9. Confirm Acceptance Function Once we receive formal acceptance from the client for processing the payment certificate, we will need to enter this information in the system. In the top contract section, you will need to choose the project, contract and certificate no. Then in the payment certificate acceptance section, indicate the date, reference and any relevant remarks regarding the acceptance.
- 10. Payment Certificate Function Unlike the previous Payment Application function, we will access the Payment Certificate form in order to process the payment information and at the same time link it to accounts. The input screen will present to the user the default deductions (in the Deductions to Apply for this Period section) that were defined in the contract file which include tax percentage and retention percentage to apply towards the payment. Next, select the close payment certificate if you want to finalize the criteria so you can send it to accounting. You will receive a confirmation from the system that the payment certificate has been closed . It is highly recommended that you generate a payment certificate report before processing the accounting voucher for the payment certificate.
- 11. You can see the payment certificate list in the contract definition screen under the Certificate Tab