Coming the week of August 11, gain greater financial oversight with our latest update to the Invoice Management solution. This release introduces additional commitment invoice columns, providing a comprehensive view of financial commitments. With detailed invoice 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 invoice, including Work Complete and Materials, before any retainage adjustments.
Net Amount: The total amount billed on the invoice, including Work Complete and Materials, after retainage adjustments.
Materials Retainage this Period: The amount of retainage held on materials billed during the current period.
Previous Materials Retainage: The amount of retainage held on materials from the previous invoice.
Total Completed & Stored to Date from Previous ($): The total completed and stored to date amount from the previous invoice.
Total Completed & Stored to Date from Previous (%): The total completed and stored to date percentage from the previous invoice.
Commitment Value: The scheduled value amount from the original commitment.
Change Value: The scheduled value amount from change orders on the commitment.
Additionally, to enhance clarity, we have renamed two existing columns:
Materials Retainage ($) is now Total Materials Retainage ($)
Materials Retainage (%) is now Total Materials Retainage (%)
These enhancements empower construction professionals by providing a detailed breakdown of financial data, allowing for more precise financial management and compliance with industry standards.
Learn more about Invoicing.
