Maintain Project Billing Data

Key Project Billing Data is maintained on each project, helping drive the billing process for that project.  Project Billing data can also be maintained on Project Templates so that the setup information can be defaulted from the template. 

Procedure

  1. Navigate to an existing Project 
  2. Select the Invoices Tab

Billing

  • Billing Type:  Valid Choices are Fixed Price and Time and Material.   The value selected here will be the default billing type used on Proejct Budget records.  The Billing Type can be overwritten at the Project Budget level.  ProjectStream allows for a mixture of both Fixed Price and Time and Material budget lines.
  • Accounting Method:  When Performed is currently the only accounting method that is supported.  When performed incurs Cost/Expense when the cost transactions are posted.
  • Billing Cycle:  Used in the batch billing process to group projects together to ‘generate’ project invoices across multiple projects. 
  • Payment Terms:  Defaulted from the Account (Customer) record and can be overwritten.  The Payment Terms will be the default for Project Invoice Records that are generated for this project
  • Bill To Address:  Defaulted from the Account (Customer) record and can be overwritten.  The Bill to Address will also be the default for Project Invoice Records that are generated for this project
  • Bill to Contact: Contact to submit invoices to, defaulted from the Customer account.
  • Billing Notes:  Billing notes entered here will default to Invoice header level notes that are visible to the customer
  • Perform is Billable Check:  
    • Yes: Will perform billable check before generating an invoice in-cycle billing
    • No:  Will not perform billable check before generating an invoice in-cycle billing (May result in a zero invoice).
  • Is AIA Billing:
    • Yes:  Billing process depends on Schedule of Values to be generated and will generate an AIA style Project Invoice.  AIA Invoices include Schedule of Values Line Items, and can generate an AIA Payment Application (G702 /G503)
  • Percent Complete Calc:
    • Standard: Conservative Method used on fixed price billing budgets to determine percent complete:  
      • Purchase, Material, Expense:  percent complete =  actual cost / forecast cost
      • Timesheet / Labor:  percent complete of the related project task
    • Forecasted: Aggressive method used on fixed price billing budgets to determine percent complete:
      • Purchase, Material, Expense:  percent complete =  actual cost / forecast cost OR purchase budgets that have PO lines with promise date on or before the billing cutoff date.
      • Timesheet / Labor:  percent complete is based on percent complete of the related project task
  • Bill on Complete:
    • Yes:   Will only generate an invoice in Cycle Billing if the project status is set to 'Complete'
    • No:  Will progress bill the project before the status is set to complete

Retainer

  • Retainer Amount:  The Retainer Amount is billed prior to project start.  Once Billed the retainer amount can be applied to future invoices for earned billable amounts on the project.
  • Billed:  The portion of the Retainer Amount that has been billed on a Project Invoice.
  • Applied:  The portion of the Billed Amount that has been applied to earned billings on subsequent Project Invoices.
  • Remaining:  The amount of the Billed Retainer that is remaining to be applied to earned billings on subsequent Project Invoices.

Retention

  • Retention %:  The retention %, generally used in the construction industry. It represents the % of an earned Project billing that is withheld from the Amount Due.  The total amount of retention can be billed at the completion of a project.
  • Retention Due:  The Retention Due amount is the total amount of withheld retention to date from previous Project Invoices.
  • Retention Billed:  The Retention Billed amount is the total amount of the Retention Due that has been billed to date.  When billing for Retention (typically at the completion of a Project), the user is only allowed to bill up to the Retention Due.

Overrides

  • Revenue Overrides:  Enter the GL segment numbers to override with revenue GL Distributions are calculated on this Project. 
    • Example:  A company has a two segment GL Account Structure.  The first segment represents the ‘Location’ and the second segment represents the main account number.  Let’s say that they have a Location code of ‘10’ to represent one location and a Location Code of ‘20’ to represent a second location.  By setting a first segment override of ‘20’, all Revenue GL Distributions will be posted to Location Code 20 for this Project. 
    • GL overrides reduce the number of Cost Categories / Products, etc, that need to be maintained to achieve the desired Financial Reporting Structure. 
  • COGS/Expense Overrides:  Same as the Revenue overrides but are applied to the COGS / Expense GL Distributions.

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