Production by Bid Item

objective

The Production by Bid Item option is used to enter the product quantity or rate by contract. The production must be entered by progress type defined in Progress Billing Contracts.

When transferred, these production values will be updated in the contract and will be available in Prepare Progress Billing by clicking the Apply the Cumulative Production icon for invoicing purposes.

Caution! If production entries have been entered with rates for one period (e.g. September), and they are transferred, it will be impossible to enter rates again for a preceding period (e.g. August). However, if production is entered by quantity, this can be undone.

 

Production transactions can also be created automatically if the user uses the daily entry function in maestro*CONNECT. The user must change the Accepted field to Yes and save the transaction before it can be transferred.

 

prerequisites

• The Progress Invoice option must be installed.
• Progress Billing Contracts

 

steps

maestro* > Invoicing > Contractual Billing > Progress > Production by Bid Item

 

Enter quantities or a percentage of production

1. Enter the required information in the Detail tab:

Field	Description
Contract	Contract number.
Date	Accounting date on which production will be updated.
Accepted	Indicates that the production can be transferred if the field is set to Yes. NOTE: By default, this value is set to No.
Customer	Displays the code and name of the customer identified in Progress Invoicing Contracts.
Reference No.	Text field in which a reference can be entered for information purposes only.
Progress	This field displays the progress type of the contract.

 

2. Enter the required information in the Billing Schedule tab:

Section	Column and Description
Billing Schedule	Bid Item Displays the code that identifies the work done and that was defined in Progress Billing Contracts on the billing schedule for information purposes. Description Displays the description of work for the bid item for information purposes. Progress Displays, for each line of the billing schedule, the type of progress: by quantity or by type.
Billing Schedule	Quantity Displays the quantity to be produced of the bid item on the billing schedule. NOTE: The quantity is available if the progress type defined in Progress Billing Contracts is set to Quantity. Unit Displays the unit of the item on the billing schedule according to what is defined in Progress Billing Contracts. Amount Displays the amount to be invoiced according to what is defined in the Progress Billing Contracts.
Invoiced to Date	Amount Displays the amount invoiced to date according to what is defined in the Progress Billing Contracts. % Displays the percentage invoiced to date for each progress billing item. NOTE: For example, if the value of the progress bill is $300,000 for this item and the amount invoiced to date is $225,600, the displayed percentage will be 75.2.
Prior Cumulative Production	Quantity Displays the quantity previously entered for the item on the billing schedule for information purposes. % Complete Displays the production rate previously entered for the item on the billing schedule for information purposes. Amount Displays the amount previously entered for the item on the billing schedule for information purposes.
Current Production	Used to enter the value that will be added to the previous balance depending on the progress type, which can be quantities, a rate, or an amount for the item on the billing schedule. NOTE: For example, if a quantity of 75 is entered and the previous balance was 100. The system calculates a to-date value of 175. Quantity % Complete Amount
New Cumulative Production	Used to enter the total quantity, production rate, or amount produced by the transaction date for the item on the billing schedule. NOTE: For example, if the quantity to-date is 150 and the previous balance was 100. A value of 50 will be calculated and entered in the Current column. Quantity, % Complete Amount
Comment	Allows to enter a comment if needed.

 

3. Enter the required information in the Change Order tab:

Section	Column and Description
Billing Schedule	Bid Item Displays the code that identifies the work done for the item on the change order and that was defined in Progress Billing Contracts on the billing schedule for information purposes. Description Displays the description of work for the item on the change order for information purposes. Progress Displays, for each line of the change order, the type of progress: by quantity or by type. Change Order Number Displays the change order's number. Quantity Displays the quantity to be produced of the bid item on the change order. NOTE: The quantity is available if the progress type defined in Progress Billing Contracts is set to Quantity. Unit Displays the unit of the item on the change notification according to what is defined in Progress Billing Contracts. Amount Displays the amount to be invoiced according to what is defined in the Progress Billing Contracts.
Invoiced to Date	Amount Displays the amount invoiced to date according to what is defined in the Progress Billing Contracts. % Displays the change order's percentage invoiced to date.
Prior Cumulative Production	Displays the quantity, production rate, or amount entered earlier for the change order for information purposes. Quantity Rate Amount
Current Production	Used to enter the value that will be added to the previous balance depending on the progress type, which can be quantities, a rate, or an amount for the item on the change order. NOTE: For example, if a quantity of 75 is entered and the previous balance was 100. The system calculates a to-date value of 175. Quantity Rate Amount
New Cumulative Production	Used to enter the total quantity, production rate, or amount produced by the transaction date for the item on the change order. NOTE: For example, if the quantity to-date is 150 and the previous balance was 100. A value of 50 will be calculated and entered in the Current column. Quantity Rate Amount
Comment	Allows to enter a comment if needed.

 

4. Click Save.

 

See also

• Daily Entry
• Prepare Progress Billing

 

Last modification: November 12, 2024