Contract invoices

You can use contract invoices to record invoices from subcontractors and to determine the value of progress payments to them. A contract invoice can be created for any contract that commits costs to the budget.

On the Contract Invoice tab, the banner displays:

  • Contract Value This Period: Revised value of the contract for the cost period.
  • Previous Invoices: Total billed in previous contract invoices for this contract.
  • Current Due: Total amount earned, minus retainage and minus amounts from previous contract invoices.
  • Balance to Invoice: Remaining payable value, including retainage, of the contract.
Note:
  • The contract rule determines whether you can overbill the contract.
  • If the contract invoice is for a controlled total contract, negative values cause an overbilling error.
  • When a new contract invoice is created, the previous contract invoices are locked unless it's for an uncontrolled total contract.
  • Contract invoices for the same contract automatically have consecutive sequence numbers. You can edit or delete only the contract invoice with the highest sequence number.
  • To view and modify the contract invoices for companies other than your own, you need the Can Access Contract Invoices for All Companies permission. Without this permission, you can only see contract invoices for your own company and not for any other companies.

Open the Contract Invoices module

  • In the project menu, select Financials > Contract Invoices.

View the financial summary of a contract invoice

  • In the contract invoice, select the Financial Summary tab.

The fields are read-only.

Table 1. Field descriptions
SectionFieldDescription
Contract StatusContract ValueOriginal value of the contract. The sum of the schedule of values (SOV) in the contract.
Changes to this InvoiceSum of change orders added to the contract in contract invoices, up to and including the cost period of the active contract invoice.
Contract Value this PeriodRevised value of the contract for the cost period in the contract invoice. Calculated by adding Contract Value to Changes to this Invoice.
Current Contract ValueRevised contract value with all change orders, including those not yet added in the contract invoices. Calculated by adding all change order amounts to Contract Value.
Invoicing StatusTotal Completed and StoredTotal value of the completed work, installed material, and stored material up to and including this contract invoice.
Total RetainageTotal amount of retainage up to and including this contract invoice.
Total Earned Less RetainageValue of the completed work, installed material, and stored material in all contract invoices up to and including this contract invoice, minus retainage.
Current DueAmount of payment due for the current invoice. The sum of the Net Current Due column in the contract invoice.
Balance to InvoiceRemaining value, including retainage, of the contract payable to the subcontractor. Calculated by subtracting Total Earned Less Retainage from Contract Value This Period.