Initiating a Period
To initiate a period process:
- Navigate to the Initiate Period Page
From the Period menu at the top of any page, choose Initiate Period.
- From the Initiate Period page, if required, modify the period number. This option is available only for the first period, subsequent periods are numbered sequentially.
- (Optional) Enter the period name. The Period Name displays alongside the Period Number on customised documents.
- Enter the Period From, Period To, and the Period Due date either manually by entering a date or choose the Calendar icon to select a date from a calendar dialogue box.
Note: Both Period From and Period To dates appear on pay application documents.
- Choose to filter participants by Organisation Details or Contract Details. For detailed instructions of filtering, see topic Filtering Participants.
- From the Participate in Period? column, invite participants to the period by either selecting individual tick boxes to invite specific Subcontractors, or choose Select All to invite all displayed participants.
Note: Subcontractors who have not confirmed their contracts cannot be included in the period.
- From the Invoice Option column header, choose an Invoice Option to apply to all selected participants. Use the drop-down in an organisation's row to choose an Invoice Option for a single participant.
- (Optional) Select the Specified Billing option in the row for an organisation to take control of Subcontractor billing. When Subcontractors are on Specified Billing, you will enter their payment application amounts for the period.
- In the Lock Payment Application column, choose Select All to lock all payment applications for a period, or choose a tick box in an organisation's row to lock an individual payment application.
Note: Only a Full and Final or Retention Only payment application option with a retention reduction can be locked at period initiation.
- (Optional) Enter a value in the Retention % column header to adjust the retention held for all participants in the current period, or enter a value in an organisation's line to affect a single subcontract. If the period allows retention billing, entering a lower percentage will also request previously held retention equal to the difference between the old and new value. This may pre-populate amounts in the Request Previously Held column of the Subcontractor's payment application.
- (Optional) In the Retention Lock column, choose the Select All check box to lock retention for all invited Subcontractors. Choose a check box in an organisation's row to lock retention on a single contract.
Note: Subcontractors cannot manually bill for retention when retention is locked at period initiation
- Choose Save and Notify Selected Participants.
A Status page confirms the period initiation is in progress and selected participants will be notified. Choose the here link to navigate to see the period initiation status on the Manage Period Participants page. Until the period initiation process concludes, a Period Initiation in Progress link displays on the Period Home Page and Project Home Page.
Tips
- Period settings affect a Subcontractor's ability to use the Full & Final button on the Enter Payment Application page. The following scenarios allow Subcontractors to use the Full & Final button:
- The current period allows progress and retention billing.
- A previous period billed total work completed at 100% and the current period allows retention billing only.
- Retention held is at 0% and previously held retention is '0' on a progress only period.
- A retention percentage on the Initiate Period or Manage Period Participants page becomes the new default value for the subcontract and will reflect on the Contract Maintenance page. Changing the percentage on the Contract Maintenance page will also change the value in the Retention % column on the Initiate Period and Manage Period Participants pages.
Note: Retention percentage changes are only available for projects using the Line Item Retention mode. Project Managers cannot adjust retention rates for projects with the Contract Level Retention (CLR) mode. The Retention % field will not be editable, but the table will show the current retention percentage set for the CLR contract.
Last Published Wednesday, July 10, 2024