Construction Project Management Software Features - Prime Contract Invoice
Progress payments for the Prime Contract are processed in the Prime Contract Invoice
feature. For commercial contractors, Prime Contract Invoices are commonly referred
to as Application for Payments and follow the AIA Billing method (AIA G702 and G703).
For residential contractors, Prime Contract Invoices are done for Bank Draws.
Preparation of the Prime Contract Invoice is, historically, a difficult and time-consuming
task due to retainage (holdbacks) and calculating previous invoice amounts and what
change orders have been billed or not. However, Corecon contains Billing Wizards
that were designed to ease this burden dramatically.
To use the Prime Contract Invoice properly, it is important to understand the business
process that transfers information from the Prime Contract into the Prime Contract
Invoice. The table listed below explains the relationship between the Contract Type
and Billing Method.
Contract Types and Construction Invoice Items:
|
|
|
Fixed Lump Sum |
Schedule of Values |
|
Approved Change Orders |
|
|
|
|
|
Cost Plus |
Bills
|
|
Sub Invoices |
|
Labor Timecards |
|
Equipment Timecards |
|
Work Orders |
|
Special Items (Manual Entry) |
|
|
|
|
|
Unit Price |
Unit Price Items |
|
|
