In addition to the accompanying job billing paperwork (Cover Page, Schedule of Values, etc.), posting an application for payment creates the appropriate customer invoice(s) for the amount billed on this application. The application for payment amounts and information reflects that which is in the Schedule of Values at the time, and it will post to
Overview: The Application for Payment process computes and reports a job’s current billing cycle information based on the current Schedule of Values “Work in Place” and what has been previously billed. The corresponding AIA or AIA styled documents may be generated without completing (posting) the Application for Payment. Once an Application for Payment is processed
In BIS, a job’s initial Budget can be converted into a Schedule of Values. However, alterations to that Budget are NOT automatically carried over to the already established Schedule of Values. That must be done manually and consistently. When entering an invoice and applying the expense to a new Budget item on-the-fly, it is important
Home Builders’ Setup Home builders have different posting requirements than other builders. With other general contractors, purchases are posted to Cost of Goods Sold and Accounts Payable. With home builders, purchases are posted to Work In Progress (WIP) and Accounts Payable. Similar differences apply to the billing side of jobs. This paper is intended
Home builders have different posting requirements than other builders. With other general contractors, purchases are posted to Cost of Goods Sold and Accounts Payable. With home builders, purchases are posted to Work In Progress (WIP) and Accounts Payable. Similar differences apply to the billing side of jobs. This paper is intended to clarify the posting