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Create a Cost Plus Invoice to the Customer
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Cost Plus contracts often require Cost Plus Billing which can be created in RedTeam on our Standard Invoice or AIA-style Invoice formats.
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, you can use the Cost Plus Billing option to pull from Actual Costs entered on that Project in RedTeam (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 standard or AIA-style Progress Billing in RedTeam, 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.
tags: cost plus project, cost plus bill, cost plus invoice, cost plus job, cost plus invoicing
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Project (must be "In Progress") | Home menu | Customer Billing OR Project | Billing Tab
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From the Project's Home menu, click "Customer Billing" (if grayed out, confirm the Project is "In Progress") OR navigate to the project's Billing tab
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Click the New (+) icon See Figure 1.
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Select "Progress Billing"
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Fill in the General Information (i.e. Recipient, Period Ending, etc.) See Figure 2.
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In the Details section, select either "Amounts" for Percentages" and then in the Billing Adjustments box, click the "Cost Plus" checkbox See Figure 3.
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Once Cost Plus is selected, the "Completed & Stored to Date" number (column G) or the "Progress Percent" will become a link you can click to open See Figure 4.
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The new window that opens will have 3 sections, and a filter at the top to sort by cost type, project scope, etc. See Figure 5.
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"Previously included in Completed Amount without Stored Materials" shows all Actual Costs selected and previously billed on prior Customer Invoices
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"Currently included in Completed and Stored Amount" shows items currently selected and included on this Customer Invoice
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"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
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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" See Figure 6.
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Once you click "Include" these items will move into the "Currently induced in Completed and Stored Amount" section (un-check to un-include) See Figure 7.
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Note: clicking "Exclude" will remove items entirely so they can never be billed
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When finished with the current SOV line item, click "Close" to close the window and move to the next SOV line item
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Complete the Details section by including Actual Costs as well as manually updating lines if necessary
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When finished, click "Next"
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In the next steps, apply Taxes and upload Attachments, if necessary
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From the Confirmation step, you can View the Invoice to preview and Commit
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Figure 0,
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Figure 1,
Click the New icon to select Progress Billing from the options
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Figure 1,
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Figure 2,
Be sure to choose the billing format you prefer (either AIA or standard Progress Billing)
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Figure 3,
Check the "Cost Plus" box to turn on the Cost Plus Billing option
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Figure 4,
Click the number under "Completed & Stored to Date" or the percentage under "Progress Percent"
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Figure 5,
In this example, no line items have been previously billed and none have been selected yet for this
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Figure 5,
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Figure 5,
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Figure 5,
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Figure 6,
When you check the boxes, the Include button will appear at the top
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Figure 7,
The Currently Included section will summarize the Actual Costs included & total SOV line percentage
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Figure 7,
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Figure 7,
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Figure 7,
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Figure 7,
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Figure 7,
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Figure 7,
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Transaction Last Updated 09/14/2021 @ 12:27 |
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