MANAGE MILESTONE PERCENT COMPLETE BILLS

Use this screen to manually enter milestone or percent complete bills. With this screen, you can bill a pre-determined percentage of the scheduled value when certain milestones have been reached for a project. For designated projects, even when a project is not fully complete, partial billing is allowed. You can use this screen to customize your bills to fit the requirements of your customers.

A milestone/percent complete bill:

• Is a type of manual bill

• Is formatted for column selection on the Report Options tab

• Accepts, via the Misc Charges tab, miscellaneous charges for each bill such as freight or sales/VAT tax

• Can include applicable sales/VAT tax that is entered on the Misc Charges tab

• Updates only A/R history (Manage Accounts Receivable History screen) and G/L detail (AR_HDR_HS, GL_DETL, GL_POST_SUM, FS_SUM) (MILESTONE_INVC_HDR, MILESTONE_INVC_LN)

• Is not updated by the Calculate Standard Bills screen

• Does not update Billing History tables

• Is not deleted during the posting process

• Does not remove billable transactions from Open Billing Detail

• Cannot use Costpoint's Reverse Billings for adjustments

• Can be used with Costpoint's Pay-When-Paid feature

To prepare a milestone/percent complete bill, enter the scheduled value of the individual milestones, along with the percent complete and retainage percentages, on separate billing lines. Costpoint calculates the amount billable and, after subtracting previous amounts billed and adjusting for any retainage, the total amount due for each milestone. You can also include sales/VAT tax and miscellaneous charges on the bill. You can add lines of text, where appropriate, to provide greater billing detail for your customers. When printing your milestone bills, you can select up to five different columns of information to print on the bill. The column names and the order in which they are printed can be customized for each bill.

Unlike the Manage Project Product Bills screen and Manage Customer Product Bills screen, the Manage Milestone Percent Complete Bills screen does update billing information when the bills are posted. During the Post Milestone Percent Complete Bills process, the Current Amount Due column is added to the Previous Amount Billed column. Then the Current Amount Due column is zeroed out. When the next bill for a project is entered, the cumulative information from the previous bill is displayed in the Previous Amount Billed column.

Also, during the Post Milestone Percent Complete Bills process, Costpoint adds the Current Retainage Due column to the Previous Retainage Billed column. Then the Current Retainage Due column is zeroed out. When you enter the next bill for a project, the cumulative information from the previous bill is displayed in the Previous Retainage Billed column.

To enter invoices into this screen, you must first set up projects on the Manage Project Billing Information screen with a billing formula of Enter Bill Manually. The customer must already be set up on the Manage Customers screen. Depending on your bill, you may need to set up one or more of the following items in Costpoint before you use the Manage Milestone Percent Complete Bills screen:

• Enter the retainage percent, if applicable, on the Manage Project Billing Information screen. The retainage percentage can be modified at the line item level if the selected Retainage code for this project is Line Item. This is done on the Summary Information tab if you are using the Total retainage method or in the retainage Percentage column if you are using the Line Item method.

• If sales/VAT tax is accrued on invoices, you must initialize the tax table with the applicable sales or value added tax rates (use the Manage Sales or Value Added Taxes screen).

• If you plan on using the Other Charges feature, enter the codes for these billing lines on the Manage Other Charges screen.

• If discounts are reflected on invoices, you must initialize the accounts receivable default accounts on the Configure Accounts Receivable Settings screen before posting these invoices.

This screen has six tabs:

• Bill Details — Use this tab to select the customer, the terms, purchase order number, invoice date, invoice ID, due date, retainage method, status, and transaction currency.

• Addresses — Use this tab to review and modify the bill address and remit to address.

• Misc Charges — Use this tab to enter sales or value added tax and miscellaneous charges.

• Report Options — Use this tab to format the columns on your bills. You can also select various bits of information to print in the header or footer of the bill.

• Summary Information — Use this tab to summarize the various columns of the bill to allow easy viewing of the current and cumulative amounts of the bill.

• Statement of Work — Use this tab to enter a Statement of Work that can be printed on the bill.

Location

Identification

Project

Enter, or click to select, the project being invoiced. The non-editable field to the right displays the project description.

Line Subtotal

This field displays the sum of the Current Amount Due column.

Retainage

This field displays the sum of the total Retainage Amount for this bill.

Miscellaneous Charges

This field displays the sum of the miscellaneous charges from the Misc Charges tab. Note that this field also displays any sales/VAT tax that may have been applied on the Misc Charges tab.

Invoice Amount Due

This field displays the result of adding the Line Subtotal and the Miscellaneous Charges, then subtracting the Retainage.

Unallocated Value

This field displays the result of subtracting the total Scheduled Value column from the total contract value/ceiling for this project. You can enter ceilings, and their value methods, on the Manage Total Ceilings screen. The ceiling can be on either the Contract Value or the Funded Value method. Costpoint uses the lower of the two values if ceilings exist on both values.

Recalculate

Table Window

Use this table window to enter the lines of the bill. The line numbers are filled in automatically as you add lines to this table. Based on the Retainage code selected, either TOTAL or LINE ITEM, different columns are displayed.

Line

This non-editable column displays the line number for the various lines in the table window. Note that a subtotal line is printed on the bill wherever there is a T (Text) line type that follows a D (Detail) line type or a group of Detail lines. A line text type is a line that displays ONLY a description and line number; no other fields are completed for a text line. This subtotal line includes the amounts of all Detail lines since the last subtotal.

This column displays for both Retainage code selections, LINE ITEM and TOTAL.

Description

Enter a maximum of 60 alphanumeric characters to describe this billing line. You can enter a line that displays only a description, with no values, by entering in the description and proceeding to the next line. This is helpful for adding text, such as section headings, that further explains the bill.

This column displays for both Retainage code selections, LINE ITEM and TOTAL.

Scheduled Value

Enter the scheduled contract value amount for this billing line. This column displays for both Retainage code selections, LINE ITEM and TOTAL.

Percent Complete

Enter the percent complete value for this billing line. This column displays for both Retainage code selections, LINE ITEM and TOTAL.

Amount Billable

If you entered a value in the Percent Complete field, Costpoint calculates the Amount Billable by multiplying the Scheduled Value by the Percent Complete. If you modify the Amount Billable, the Percent Complete column recomputes to the new percent. Also, you can modify the Amount Billable by changing the Percent Complete field.

This column displays for both Retainage code selections, LINE ITEM and TOTAL.

Retainage Percentage

The retainage percentage for this line displays in this column. This percentage was entered on the Manage Project Billing Information screen. You can modify this number, but any adjustment modifies the Retainage Amount, Current Retainage Due, and Total Amount Due columns.

This column displays for only the Retainage code selection LINE ITEM.

Retainage Amount

The retainage amount for this line displays in this column. This number is the product of the Amount Billable and the Retainage Percentage columns. You can modify this number, but any adjustments modify the Current Retainage Due and Retainage Percentage.

This column will display for only the Retainage code selection LINE ITEM.

Previous Amount Billed

If you have posted a bill for this project, this column displays the amount previously billed. This column is editable. This column displays for both Retainage code selections, LINE ITEM and TOTAL.

Previous Retainage Billed

This column displays any previously billed retainage amounts for this line. This column is editable. This column displays for only the Retainage code selection LINE ITEM.

Current Amount Due

This amount is the result of subtracting the Previous Amount Billed field from the Amount Billable amount. If you modify this value, the Percent Complete and the Amount Billable fields change.

This column displays for both Retainage code selections, LINE ITEM and TOTAL.

Current Retainage Due

This amount is the result of subtracting the Previous Retainage Billed from the Retainage Amount. This column can be modified, but the Retainage Amount and the Retainage Percentage field change.

This column displays for only the Retainage code selection LINE ITEM.

Total Amount Due

This amount is the result of subtracting the Current Retainage Due from the Current Amount Due. This field is not editable.

This column displays for only the Retainage code selection LINE ITEM.

Print

Enter a Y (Yes) to print this billing line or N (No) to suppress it.

This column displays for both Retainage code selections, LINE ITEM and TOTAL.

Type

This column indicates whether the line is a T (Text) line or a D (Detail) line. Text lines contain only information in the Description field. They are used to format and explain the bill. Detail lines contain values in all fields of the billing line. All lines are initially assigned a type of T. If any of the value fields are completed, the line changes to a D when the line is complete.

This column will display for both Retainage code selections, LINE ITEM and TOTAL.

Subtasks

• Table Information

  Changes to this screen update the following tables:

  AR_DETL_HS

  AR_HDR_HS

  FS_SUM

  GL_DETL

  GL_POST_SUM

  MILESTONE_INVC_HDR

  MILESTONE_HDR_HS

  MILESTONE_INVC_LN

  MILESTONE_LN_HS

  PROJ_BILL_HS

  PROJ_SUM (optional)