Keep every prime contract and subcontract with its revised value, what has been invoiced, the balance, pending changes and retainage held. Bill owners on AIA-style G702/G703 pay applications, approve change orders, collect lien waivers and hold payment until a sub's insurance and waivers are in order.
Generate a pay application from the owner contract's schedule of values. Enter work completed and materials stored, let retainage calculate at the contract's rate, review the AIA-style G702/G703, route it for approval and send the PDF. An approved owner change order adds its lines to the schedule, so the next application already carries it.
Every subcontract bill withholds retainage at the contract's rate, so job cost stays gross while the sub is paid net. Release part or all of it when the work is accepted, bill by bill or across the whole subcontract. Where the subcontract requires it, the final release waits for a final lien waiver, and every release shows on the contract with its history.
Log a change event on the job, price it against cost codes and commitments, and roll it into a potential change order for the sub or a budget change for the job. Approving an owner change order moves the contract value and the schedule of values together, with the owner's signed date on record, and the next pay application bills the new lines.
Record each lien waiver against the bill or payment it covers, conditional or unconditional, progress or final. Set the insurance you require by default or per job, record certificates with their policies, limits and endorsements, and get notice before they expire. A payment to a sub missing a required waiver or certificate is held until someone with the authority overrides it, with the reason kept.
The same module, used by the owner, the general contractor and the subcontractor. One example each.
A contractor's pay application arrives against a contract whose schedule of values, approved change orders and retainage are already on file. Overbilling on any line shows before it is approved, and the retainage held is visible on the contract at every draw.
Bill the owner on an AIA-style G702/G703 from the contract's schedule of values while each sub's pay application bills its subcontract line by line. Retainage is held on both sides, and a sub's check waits for the waiver and the certificate the subcontract requires.
Keep each prime contract with its revised value, what you have billed and the retainage the GC still holds. Bill from the schedule of values each period, track pending change orders until they are approved, and see every release of retainage against the contract.
Jobs, vendors, customers and cost codes match on both sides, so a pay application or a subcontract bill posts where your ERP expects it. Contracts and billing can be taken on its own, beside the AP and job cost you already have, and the ledger stays where it is until you choose to move it.
Pricing follows what you use. Every part of the platform can be taken on its own and kept in sync with the systems you already run. Talk to us about pricing for your company.
Talk to us →Does it produce AIA-style G702/G703 pay applications?
Yes. A pay application is generated from the owner contract's schedule of values, retainage is calculated at the contract's rate, and the AIA-style G702/G703 is reviewed, approved and sent as a PDF. The next application picks up any owner change order approved since.
How are subcontractor pay applications handled?
A sub's pay application is entered as a bill whose lines are the subcontract's schedule of values for the period, with work completed, materials stored and retainage on each line. Each line is checked against what the item has left before the bill is approved.
What holds a payment to a sub?
A missing lien waiver on a subcontract that requires one, or a vendor whose insurance does not meet the requirements you set. The payment waits at every step until the waiver or certificate is on file, or someone with the authority records an override with a reason.
Can I track change orders before they are approved?
Yes. A change event is logged on the job as soon as it is known, priced against cost codes and commitments, and rolled into a potential change order or a budget change. Pending changes show on the contract until the order is approved.
Do I need the rest of Accounting to use it?
No. Contracts and billing runs beside the ERP you have, with jobs, vendors, customers and cost codes matched on both sides through Integrations. Add AP, AR or job cost when you are ready.
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