Processing progress bills
The following bullet points provide some important insights about processing progress bills:
- You can calculate retention using a rate for completed work and another rate for stored materials.
- Sage 100 Contractor computes and posts sales tax only when you create an invoice from the progress bill. Because AIA certificates do not include sales taxes, you can print a separate Sales Tax Report in the 3-1-11 Sales Tax Report window to notify the client of the applicable sales taxes.
- The calculation of sales tax is based on the tax district you have entered in the Progress Billing Setup window.
Note: You can include sales tax as a line item in the progress bill. If you enter a grid line for sales tax manually, Sage 100 Contractor includes the amount as part of the total on the 3-2 Accounts Receivable invoice.The sales tax amount is not broken out separately in the sales tax field of the accounts receivable invoice.
- In the Current Stored column, you can enter the amount of material currently being stored. When you create the next application, Sage 100 Contractor moves the costs to the Prev. Stored column. As you complete work, remove the costs for items no longer being stored. To remove costs, enter the costs as a negative amount in the Current Stored column, then enter the costs as a positive amount in the Current Comp. column. (Otherwise, the negative amount in the Current Stored column subtracts from the actual Current Complete and reduces the invoice amount.)
- You can bill for work and release retention on the same application. After updating the application, remove the retention rates.
To process a progress bill:
|
1
|
Open 3-7 Progress Billing. |
|
2
|
Do one of the following: |
|
a
|
Create the progress bill automatically. |
|
b
|
Create the progress bill manually. |
|
3
|
If you have issued change orders for the job, update the progress bill application to reflect the affects of the change orders. |
|
5
|
You can then adjust the amounts in the Current Completed cells, or the percent of work completed in the Percent Completed cells. |
|
6
|
Calculate the project costs. |
|
7
|
Print the progress bill application. |
|
8
|
When you submit the progress bill application, do the following: |
|
a
|
In the Submitted text box, enter the date you submitted the request. If you leave the Submitted text box blank, Sage 100 Contractor enters the current date for you. |
|
b
|
On the Options menu, click Submit Application. |
|
9
|
After submitting the application, you can create an invoice by posting the application. On the Options menu, click Post Application. |
|
10
|
Prepare the next progress bill application. |