Overview:Lump Sum Job Billing is one of three options available for users to create AR Invoices using PENTA's automated invoice process. Unlike Unit Price and T&M billing, however, the lump sum method allows users to create AR Invoices by entering an amount, or percentage of total contract to be billed. This method involves charging units out at a pre-determined price. In PENTA, the process for billing via lump sum is similar to billing via units price; the process starts in the Contract Completion screen and requires the user print and complete the invoice before posting to the General Ledger Overview:
This video walks through the process of creating a job billing for some partial amount of the total retention that has been calculated/withheld to date. This process will step through the calculate invoice process, adjust invoice amounts to reduce the amount of retention to bill, prepare invoices for printing, reviewing the invoice, and completing the invoice process which will post the accounting entries and make the invoice available on the AR Aging.
Benefits:
- Allows Users to enter exactly the amount to bill this period or percent of contract to bill this period
- Allows users to bill out contracts without basing invoice amounts on Labor/Equipment Hours or Material Dollars.
Roles:
- Accounting Receivable Manager
- Accounting Receivable Clerk
- Project Manager
- Controller
Location:
- Billing and Accounts Receivable>Automated Invoice Processing> Contract Completion Billing Purposesbill for a partial retention amount
Roles:
- Billing Clerk
Location:
- Billing and Accounts Receivable>Automated Invoice Processing> Calculate Invoices
- Billing and Accounts Receivable>Automated Invoice Processing>Adjust Invoice Amounts
- Billing and Accounts Receivable>Automated Invoice Processing> Prepare Invoices For Printing
- Billing and Accounts Receivable>Automated Invoice Processing>Complete Invoices
Video:
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