About the JB Contract Info Form
Use this form (accessed from the JB Programs folder or the JB Contract Info tab on the JC Contracts form) to enter additional information for contracts set up in JC Contracts.
You cannot enter new contracts using this form; however, information entered here will update JC Contracts.
Processing groups gather contracts together that are billed at the same time. In the Processing Group section, you can assign a processing group for a contract here or use the JB Processing Group form to assign contracts to a processing group. If you assign or delete a processing group here, it will automatically update JB Processing Group.
Use the AIA Info section to enter additional information (i.e., the architect’s name and project number, contract description, and contract date) that prints in the heading of the JB AIA Continuation and JB AIA Summary Change Order Form reports. This data is informational only and is not used anywhere else in the system.
Rounding Option
This section is for Progress Billing only and determines whether you will use rounding for billing amounts. When rounding is in use, the system will round dollar amounts to whole dollars (e.g., $5.03 rounds to $5.00). Options include rounding only the billing or rounding both the billing and retainage amounts.
If rounding billing amounts, but not retainage, the system will round bill amounts to the nearest whole dollar, but leave retainage amounts reflecting dollars and cents. When the billing is printed, the “Amount Due” for the billing also reflects dollars and cents. Since the “Amount Due” calculation includes retainage (WC + Tax + RelRetg + SM - WCRetg - SMRetg), the amount due must accurately reflect the dollars and cents for retainage; therefore, it cannot be rounded.
If rounding retainage, the Report Retainage at Item Level check box determines how retainage is rounded. If you check the box, the system will round retainage at the item level and update the total retainage after all the item amounts have been rounded.
For example:
|
Item |
Retg Amt |
Rounded |
|---|---|---|
|
1 |
1150.20 |
1150.00 |
|
2 |
1250.50 |
1251.00 |
|
3 |
1333.69 |
1334.00 |
|
Total Contract : |
3735.00 |
If the Report Retainage at Item Level check box is not selected, retainage is rounded at the contract and item level, with the difference between the rounded contract retainage and total items’ retainage added to (or subtracted from) the last item. This ensures that the retainage total of the items is equal to the total retainage of the contract.
|
Ret Amount |
Rounded |
Adjusted |
|
|---|---|---|---|
|
Contract |
3734.39 |
3734.00 | |
|
Item 1 |
1150.20 |
1150.00 | |
|
Item 2 |
1250.50 |
1251.00 | |
|
Item 3 |
1333.69 |
1334.00 |
1333.00 |
|
Contract Total: |
3734.00 | ||
|
Total Item Retg: |
3735.00 |
3734.00 | |
|
Adjustment: |
-1.00 |
| |
In the example above, the difference between the contract total retainage and the item’s total retainage was -1.00. The last item’s retainage amount was adjusted to reflect the difference (1334.00 – 1.00 = 1333.00). The contract’s rounded retainage and the total item retainage amounts are now equal.
