One of the standard features of InterAcct’s Job Costing system is the ability to create Progress Claims on a Job – typically based on a percentage complete of the Contract Value – by “Phase” within the job.
Each job can be broken down into any number of Phases (Sub Jobs, Work Areas, Stages), with the Contract Value and Variations shown for each. Now, there is a new option to prepare a Progress Claim based on the quantity complete within each Phase – which is ideal for Civil Engineering type applications
For each Phase there is a reconciliation of the original Budget (Contract) Quantity, any Variation Quantity (equaling the Adjusted Contract Quantity), plus the Quantity of Previous Claims, the Actual Quantity Completed so far, and the Balance to Complete. It is this information that is brought into the Progress Claim to form the basis for creating a new Claim (subsequently matched – reversed by a Job Invoice.)
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