Creating a Progress Billing Form G703 CW-2021 to the customer
RedTeam Flex supports the ability to link your Schedule of Values (SOV) to the project budget, which activates new columns for Budget Adjustments and Changes on the SOV. When filling out a Billing form for this type of project, it is important to be able to see the summary of information that makes up the current, adjusted SOV amount that is being billed against. We offer this with the AIA- style form G703 CW(Cost of the Work)-2021.
Using the Progress Billing Form G703 CW-2021 will change the layout of the columns in the "Continuation Sheet" section of the bill. Below are the changes on G703 compared to our other AIA-style progress billing forms.
The billing form AIA-Style G703 CW(Cost of the Work)-2021 has renamed columns:
Original (original SOV amount)
Changes (changes to SOV amount via Authorized Change Orders + Budget Adjustments)
Adjusted Value (Sum of above columns)
Updated columns:
Retainage Percent and Retained Amount combined
Note: To be able to use the progress billing AIA-Style G703 CW-2021 form, the project must have the Link SOV to Budget preference activated. The Link SOV to Budget preference must be turned on before any billings have been created for a project.
Steps:
Confirm that the Link SOV to Budget option is enabled in Project Preferences (clicking the cog icon next to the project status)
From the Project's Home menu, click "Customer Billing" or navigate to the project's Billing tab
Click the New (+) icon and select "Add Progress Billing" from the dropdown
Fill in the General Information (i.e. Recipient, Period Ending, etc.)
In Billing Format select "Progress Billing (AIA-Style G703 CW)
In the Details, fill in the progress against your SOV items by Amounts or Percentages
When finished, click "Next Step"
In Step 2 taxes may be adjusted or applied by selecting from the drop down list
In step 3, you can add attachments to accompany the Invoice (optional)
Once all files are uploaded, click "Next Step"
From the Confirmation step, you can View the Invoice to preview and Commit
Adding Cost Plus Invoices to Progress Billing Form G703 CW-2021
Cost plus billing is a billing method that captures actual costs for performing activities. You calculate customer billing amounts by marking up the actual cost. In RedTeam Flex, you can use the Cost Plus Billing option to pull from Actual Costs entered on that Project in RedTeam Flex (Vendor Invoices, Employee Timesheets, Employee Expenses, and manual job cost entries) in order to create an Invoice for your Customer.
The process to create a Cost Plus Billing is the same process to create a Progress Billing form G703 CW, with the only difference being that you pull in from the Actual Costs instead of manually entering progress against each line item in the Schedule of Values.
When using Cost Plus Billing on form G703 CW, instead of links to the supporting documents, the attached files will appear directly on the billing as a separate page and incorporated into the Progress Billing that is sent to a Customer.
Steps:
Follow the steps to create a customer billing using the Progress Billing (AIA-Style G703 CW) form.
In the Details section, select either "Amounts" or "Percentages" and then in the Billing Adjustments box, click the "Cost Plus" checkbox
Once Cost Plus is selected, the "Completed & Stored to Date" number (column G) or the "Progress Percent" will become links you can click to open.
The new window that opens will have 3 sections, and a filter at the top to sort by cost type, project scope, etc.
"Previously included in Completed Amount without Stored Materials" shows all Actual Costs selected and previously billed on prior Customer Invoices
"Currently included in Completed and Stored Amount" shows items currently selected and included on this Customer Invoice
"Not yet included" shows items not yet included on any Customer Invoices, and it's this section where you select items to be billed on this SOV item
To bill against this SOV line item, check the boxes for the actual costs you want to include under the "Not yet included" section and click "Include". The "Include" button will appear at the top when you have checked any boxes to be included.
Once you click "Include" these items will move into the "Currently included in Completed and Stored Amount" section (un-check to un-include) The Currently Included section will summarize the Actual Costs included & total SOV line percentage.
Note: clicking "Exclude" will remove items entirely so they can never be billed
When finished with the current SOV line item, click "Close" to close the window and move to the next SOV line item
Complete the Details section by including Actual Costs as well as manually updating lines if necessary
When finished, click "Next Step"
In the next steps, apply Taxes and upload Attachments, if necessary
From the Confirmation step, you can View the Invoice to preview and Commit
Viewing the "This Period Cost Details" section on the billing, will show any of the supporting documents attached to the Cost Plus Billing entries.
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