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The Schedule of Values window simplifies maintenance of contract line items. It is used for entering contract lines (performance obligations) that will show on an invoice. The flexibility exists to create many lines with different amounts for the contract or one line for the entirety of the contract, depending on the complexity of the contract, performance obligations, and customer requirements. The type of contract line (Lump Sum, Cost Plus/T&M, Unit Price, etc.) dictates the treatment for revenue recognition and billing purposes.
Benefits:
- Defines Contract Line Items and Contract amounts for billing purposes
- Handles the setup of Lump Sum, Unit Price, Cost Plus, and Time and Materials billed jobs
Roles:
- Project Administrator
- Billing Clerk
Additional Content:
The Schedule of Values window coexists with the Contract Information window—in that you can change any values for fields not included in the Schedule of Values.Use this window to review Lump Sum or Cost Plus contract line items for a job. If a PENTA user flagged the Job Type as Lump Sum or Cost Plus, PENTA automatically populates this window to equal the estimated job cost in the Estimate Worksheet window.
When you post entries to a job Job with a Job Type flagged as “Maintain Contract based on Estimated Cost,” PENTA will update contract amounts to match the current estimate for any contract line items cross-referenced to Costcodes in the batch. This occurs even if the contract did not match the estimate previously; PENTA does not use the amounts in the batch itself. PENTA also adjusts markup (dependent) contract line items for the jobJob. If the batch includes Costcodes not mapped to the Job’s contract line items, PENTA will notify you and open the Schedule of Values window for that Job when it completes the posting.
Additionally, this window allows you to do the following:
- Create new contract line items.
- Link new or existing Cost Types and Costcodes to each line item.
- Remove existing Costcodes mapped to a given line item.
- View the Original Contract and any approved or pending changes to it.
Note: You cannot use this window to set up, maintain, or view Tax line itemsLine Items. Please refer to the Contract Information video page for more information on this window/process
Benefits:
- Streamline the job setup process as it relates to retention by choose from a pick list how the job should withhold retention
- Cut down on confusion and avoid mistakes by having a fully defined list of retention rules
Roles:
- Accounts Receivable Manager
Location:
- Billing & Accounts Receivable > Setup > Retention Rule Templates
Video:Location:
- Project Management > Owner Contract Information > Schedule of Values
Video:
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