Draw Request Entry - Add Fixed Price Draw Requests

When setting up the initial draw request for a contract, it is important to verify that the total scheduled value entered is equal to the contract amount.

Field

Description

Bill item

Enter the billing item for this line. Standard items may be selected from those previously set up in Set Up Standard Fixed Billing Items, new standard items may be added through the Billing Item Code Window, or non-standard items may be typed directly into this field. Entry in this field is required.

Ideally, billing items were entered in Contracts when the job was first set up. In that case, if the Create detail from draw request master (contract detail) file checkbox was selected, click OK. All billing items specified in the contract will display.

If billing items were not entered in the contract, or if the Create detail from draw request master (contract detail) file checkbox was not selected, enter the billing item for this line. Standard items may be selected from those previously set up in Set Up Standard Fixed Billing Items, new standard items may be added through the Billing Item Code window, or non-standard items may be typed directly into this field. Entry in this field is required. A lookup window is available for viewing valid billing items.

Note:

A note about use of numeric coding: Because many users prefer alphabetic or combination alpha and numeric coding, this code is not a numeric-only field. Because of this, the code left-justifies when entered. Users preferring a strictly numeric coding should be advised to use leading zeros when adding codes in order to produce desired sort results on screens and reports. Without leading zeros, "1", "10", "100" will appear before "2", "20", "200". Instead, codes should be set up "001", "002", and so forth. If more than 1000 codes are anticipated, instead enter "0001", "0002", and so forth.

Description

After entry of the item number, the item description will display. Press Enter to accept the description, or enter the alternate description desired. The description entered here will be saved by the software for use in subsequent bills for this contract.

Use the Add'l description field to enter additional description details.

Taxable?

During initial creation of a draw request, select this checkbox if the item is taxable. On subsequent draw requests generated by the software, this will be a display-only field and may not be changed.

Scheduled value

During initial creation of a draw request, enter the scheduled value for this billing item. This is the total estimated revenue (or amount to be billed) of the work for this billing item. On subsequent draw requests generated by the software, this will be a display-only field and may not be changed.

A dollar value may be entered in the Completed & stored field, or a percentage of total work complete may be entered in the % complete field. Either is acceptable. Based on your entry and the Scheduled value, the software will calculate the other number. For example, if a dollar value is entered in the Completed & stored field, the software will calculate the percent complete. Conversely, if a percentage is entered in the % complete field, the software will calculate the dollar amount for the current period.

This period

Enter the dollar value of work completed during this billing period, or press Enter to move to the Material stored and % complete fields. For fixed price contracts, if the work completed amount causes the percent complete to exceed 100%, the following warning message displays: Warning: Current Entry Exceeds Scheduled Value. Billing in Excess of 100%.

Material stored

Enter the cost, if any, of materials stored at the job site but not yet placed in service. On subsequent draw requests generated by the software, arrow back from the % Complete field to change the value displayed in this field. For fixed price contracts, if the materials stored causes the percent complete to exceed 100%, the following warning message displays: Warning: Current Entry Exceeds Scheduled Value. Billing in Excess of 100%.

% complete

Enter the total percent of work completed to date, if no dollar value was entered in the Completed & stored field. After Enter is pressed, the software makes calculations based on your entries. The Completed & stored field will display the value entered, adjusted to account for "materials stored."

For fixed price contracts, if the percent complete exceeds 100%, the following warning message displays: Warning: Current Entry Exceeds Scheduled Value. Billing In Excess of 100%.

G/L account

Enter the General Ledger sales account number for this billing item. A lookup window is available for viewing valid General Ledger account codes. If the G/L status code you select has a status of Not used, you cannot proceed using this code. If the G/L status code you select has a status of Inactive, a warning will display.

Override retention?

Select this checkbox to record a job-to-date retention override, and then enter a Retention % and Retention amount for this item.

If you select this checkbox, the percent or amount of retention you enter for this line item will override the summary retention amount or percentage. For example, you might select this checkbox if the contract has a 10% retention rate, but a change order for the contract has a zero retention rate. For that change order, enter the line item details, select this checkbox, and enter 0 (zero) in the Retention % field. The percentage entered in this field will override the summary retention figure.