To capture direct booking process of a contractor or supplier’s bill relating to a project for a completed job without any previous advance payment.
Introduction
This is relevant where the project job is satisfactorily completed and the bill submitted by the contractor or supplier or service provider will need to be booked against the construction in progress of the relevant project.
The company has not paid any previous advance payment on such bill.
The booking is to recognize the liability of the company to the contractor or supplier or service provider for the completed job. against the project construction in progress
Booking is to recognize the liability for a project job satisfactorily completed which is a prerequisite for the company to commence bill payment process for the job.
Process
Go to Construction Project >>Transaction>>Payable Booking Process>>Direct Project Payable
Click the (+) button and the direct project payable screen opens as shown below.
Direct Project Payable-Header
Select the supplier/contractor/service provider from the supplier field using the search box
Select the Project in question from the Project field using the search box
Insert the net payable amount
Net payable amount is after adjusting for relevant taxes i.e net of all taxes
Insert Payment Term Days . The number of days for the bill to be due.
Zero means the bill is due now.
Completes other relevant fields in the header section
Click Create Batch Button
The detail section screen opens as shown below
Direct Project Payable-Detail
Select the item detail relating to the job using the search box
Insert more information under the Addition Information Box
The Quantity Unit is default to one.
Insert the value of the selected item under cost per unit
Cost per unit ( VAT Exc) field is displayed
This is extended cost before VAT
At the right display box section, system displays the VAT on the item as well as withholding tax based on the tax settings for the selected item above
The net payable net of taxes is also displayed
Click the create entry button
The system list the entry under the detail entry list box below.
Ensure total net payable of all detailed items listed is equal to the control net payable at the header.
Click Submit for procession button
The transaction follows the defined workflow approval route
At final approval
System automatically updates the contractor/supplier/service provider’s accounts as well as debiting the construction in progress account for the selected project at the header .
System validates the due date and auto send bill to the Undue Approved Bills if bill is not yet due and to Bill Payment Engine if the bill is due for payment processing of the net payable amount