Discover the power of detailed financial insights with our latest update to the Payment Application Management solution. This release introduces additional Main Contract Payment Application columns, providing construction professionals with a comprehensive view of financial commitments. By enhancing visibility and management of financial data, users can make informed decisions, streamline processes and maintain compliance with industry standards. Perfect for document controllers aiming for ISO 19650 compliance.
This release introduces several new columns to the Main Contract Payment Application section, along with minor name changes to existing columns, aimed at providing a comprehensive view of financial commitments.
New Columns Introduced:
Gross Amount - Displays the total billed amount, including work complete and materials, before retention adjustments.
Net Amount - Shows the billed amount after retention adjustments.
Previous Budget Changes - Lists the bill of quantities of all budget changes from previous payment applications.
Budget Changes This Period - Details the bill of quantities of budget changes added in the current payment application.
Previous Changes - Displays the bill of quantities of all variations from previous payment applications.
Changes This Period - Lists the bill of quantities of variations added in the current payment application.
Materials Retention this Period - Indicates the retention held on materials billed in this period.
Total Retention this Period - Shows the difference in total retention between the current and prior payment applications.
Total Completed & Stored to Date from Previous ($) - Displays the total completed and stored amount from the previous payment application.
Total Completed & Stored to Date from Previous (%) - Shows the percentage of total completed and stored from the previous payment application.
Name Changes for Clarity:
Materials Retention ($) is now Total Materials Retention ($)
Materials Retention (%) is now Total Materials Retention (%)
