Stored Materials refers to materials currently being stored, on-site or off, until they can be incorporated into the work on the project. The materials have been paid for, and so need to be included in the customer Billing process. Stored Materials are inherently connected to the amount shown as "Completed & Stored to Date" on a customer bill in RedTeam Flex. When a Progress Percent is entered, the "Period Completed Amount" will display the product of the Progress Percent multiplied by the Scheduled Value, minus the Presently Stored Amount (E = Progress Percent x C - F). In order to bill an amount for the current period, you must ensure the percentage entered under column G (Completed & Stored to Date) is great enough to cover the value of your currently Stored Material.
Example: If you have $100 of stored material, your "Completed & Stored to Date" (Progress Percent x Scheduled Value) must be at least $100 or greater. If your Scheduled Value is $1000, you know that you will need to enter a Progress Percent of AT LEAST 10% in order to calculate a "Completed & Stored to Date" amount of $100.
Note: A T&M Proposal, which does not require a Schedule of Values, will not require Stored Materials to be listed either. Stored Materials are used in Construction Management and Fixed Price Proposals only.
1. Add Stored Materials
The materials have been paid for, and so must be included in the Billing and construction schedules. Stored Materials are inherently connected to the Schedule of Values, which must be built prior to adding any Stored Materials, and is only required in Construction Management and Fixed Price Proposals (not T&M Proposals).
Steps:
From the Project's home menu, select "Stored Materials"
Or
Navigate to the project's Billing tab and click the Manage icon to select "Stored Materials"
Locate the SOV line item to which you want to add Stored Material
Click "+ Add Stored Material"
Enter the description and amount for the Stored Material then click the Save icon
2. Edit or Delete Stored Materials
Once Stored Materials have been added to a Scheduled Value, you may go back to edit or delete the Material and/or amount as needed.
Steps:
From the Project's home menu, select "Stored Materials"
Or
Navigate to the project's Billing tab and click the Manage icon to select "Stored Materials"
Locate the SOV line item for which you want to Edit or Delete Stored Material
Click the Edit (pencil) icon to change the description or value of the Stored Material
Click the Delete (trashcan) icon to remove Stored Material
3. Bill for Stored Material
When a Progress Percent is entered, the "Period Completed Amount" will display the product of the Progress Percent multiplied by the Scheduled Value, minus the Presently Stored Amount (E = Progress Percent x C - F). In order to bill an amount for the current period, you must ensure the percentage entered under column G (Completed & Stored to Date) is great enough to cover the value of your currently Stored Material.
Example: If you have $100 of stored material, your "Completed & Stored to Date" (Progress Percent x Scheduled Value) must be at least $100 or greater. If your Scheduled Value is $1000, you know that you will need to enter a Progress Percent of AT LEAST 10% in order to calculate a "Completed & Stored to Date" amount of $100.
You must first add Stored Material to your SOV before you can bill for it. See the Entry for "Add Stored Materials" for more information on adding Stored Material to a SOV line item.
Steps:
From the Project's home menu, select "Customer Billing"
Click the +New icon to create a new Progress Billing, or click the tools icon to Edit an existing Draft Progress Billing
In the Progress Billing form, scroll to the SOV line item for which you are storing material
Choose if you would like to enter the progress by Amount or Percentage
Enter into column G an amount that includes the value of material stored
At the top of the page, click "Save" to save the Progress Billing
When material is removed from storage for installation, you will want to reflect that by reducing the amount in the Manage Stored Material section In this example, we Edit the Stored Material item and reduce the amount by half (14,650/2=7,325)
If half the material is removed from storage and installed, you will reduce the Stored Material, then bill the total of installed and stored
As more material is removed from storage, the Stored Material amount decreases. As more material is installed, the Progress in Billing increases. If stored material is marked as installed via deletion from "Presently Stored", it will reflect in column E, "This Period Completed Amount", on the current billing, as the material was installed this period. The value will show under column D, "Prior Completed" on subsequent billings.