Billing Events for Progress Billing

You can define a billing event as a cumulative percentage of completion of work by an estimated date. To do this, you cross-reference each of the billing events that make up the billing line for the progress billing with a completion percentage.

When you define the billing events for progress billing:

• Each billing event represents a cumulative percentage of work completed for the job.

• The final billing event must be 100 percent to bill the entire schedule of values amount for the billing line.

The system calculates the billing amount for a completed event based on this formula:

Schedule of Values × Cumulative Percentage of Completion − Total of Previously Billed Amounts

The schedule of values for the progress billing is the amount of the overall billing for the contract.

You can cross-reference a draw to a billing line for progress billing in order to set up a billing line for prepayment.

See Understanding Prepayments for Contracts.

When you define a progress billing line, the system might display the following message:

Warning - Cross-Reference Not Setup

The system also highlights the X-Ref field until you enter cross-reference information for the billing line to define billing events.