Gain greater financial oversight with our latest update to the Payment Application Management solution. This release introduces additional commitment payment application columns, providing a comprehensive view of financial commitments. With detailed payment application information, you can make informed decisions, streamline financial processes and maintain compliance with industry standards. This feature is especially beneficial for document controllers aiming to uphold ISO 19650 compliance.
The new columns include:
Gross Amount: The total amount billed on the payment application, including Work Complete and Materials, before any retention adjustments.
Net Amount: The total amount billed on the payment application, including Work Complete and Materials, after retention adjustments.
Materials Retention this Period: The amount of retention held on materials billed during the current period.
Previous Materials Retention: The amount of retention held on materials from the previous payment application.
Total Completed & Stored to Date from Previous ($): The total completed and stored to date amount from the previous payment application.
Total Completed & Stored to Date from Previous (%): The total completed and stored to date percentage from the previous payment application.
Commitment Value: The bill of quantities amount from the original commitment.
Change Value: The bill of quantities amount from variations on the commitment.
Additionally, to enhance clarity, we have renamed two existing columns:
Materials Retention ($) is now Total Materials Retention ($)
Materials Retention (%) is now Total Materials Retention (%)
These enhancements empower construction professionals by providing a detailed breakdown of financial data, allowing for more precise financial management and compliance with industry standards.
