How does Procore calculate the 'Current Payment Due' amount on a payment application?
Answer
When preparing an payment application to submit for payment, both the Commitments and Main Contract tool provide users with the ability to create payment applications. On the payment application, is an application for payment which shows the 'Current Amount Due' on for that billing period. There are two payment application types in Procore, an owner payment application and a subcontractor payment application. On both payment application types, Procore calculates the total in Line '8. Current Payment Due' by subtracting the amount in Line 7. 'Less Previous Certificates for Payment' from Line 6. 'Total Earned Less Retention.'
Main Contract Tool: Contractor's Application for Payment
When viewing a payment application for a Main Contract, the Summary tab of a payment application includes the 'Contractor's Application for Payment' shown below.
Example
In the 'Contactor's Application for Payment' below, the 'Current Amount Due' is calculated as follows:
Line 6 minus Line 7 equals Line 8
$35,421.00 - $7,740.00 = $27,681.30
Commitments Tool: Summary Preview
When viewing a payment application for a subcontract or purchase order, the Summary Preview on the payment application includes the 'Subcontractor's Application for Payment' shown below.
Example
In the 'Subcontractor's Application for Payment' below, the 'Current Amount Due' is calculated as follows:
Line 6 minus Line 7 equals Line 8
$28,130.00 - $26,339.00 = $1,791.00
