amount based data entry

Data entry on the first Amount-Based payment application

For the contract's first payment application, the value in the New Materials Stored column is always set to £0.00 by default. Since the subcontractor received materials on-site during this billing period, the payment application contact enters £2,000.00 in the New Materials Stored column (see 1). This represents the currency amount of the materials received. Once input, Procore automatically updates these values on the line item (see 2):

• Total Completed & Stored to Date (%). Procore converts the entry to a percentage value (16%) to show total progress.
• Materials Presently Stored. Procore updates this column with the amount in the New Materials Stored column (£2,000.00).
• Total Completed & Stored Date (£). Procore adds the £2,000.00 entry to this column (see 2). Note: This column shows the cumulative total of the values in the Work Completed This Period, New Materials Stored and Materials Presently Stored column. 
• Balance to Finish. This column is only visible to payment application administrator(s). Procore takes the Bill of Quantities amount and subtracts the New Materials Stored amount to calculate the balance to finish). Note: In subsequent payment applications, this column shows the cumulative decline from the contracted amount for the line item. 

Data entry on the Second Amount-Based payment application

For the next billing period, the payment application contact prepares their second payment application. In all new payment applications, the New Materials Stored column is always set to £0.00 by default (see 1). However, Procore automatically moves the value from the New Materials Stored column on the previous payment application to the Previous Materials Stored column on the current payment application (see 1 to 2). Before making additional data entry, note that the highlighted values (see 3) match the first payment application (above). 

Next, perform some additional data entry on the line item.

For this entry, the subcontractor received an additional £2,500.00 in new materials that are now stored on the job site (or in a storage facility). The payment application contact enters £2,500.00 in the New Materials Stored column (see 1). After the entry, Procore automatically updates these values (see 2). 

• Total Completed & Stored to Date (%). Procore updates this value from 16% to 36%. 
• Materials Presently Stored. Procore updates this value from £2,000.00 to £4,500.00.
• Total Completed & Stored to Date (£). Procore updates this value from £2,000.00 to £4,500.00.
• Balance to Finish. Procore subtracts the sum of the 'New Materials Stored' value and the 'Previous Material Stored' amount from the 'Bill of Quantities' amount. This shows the cumulative decline of the contracted amount. 
  Note: The Work Completed from Previous Application (%) value remains unchanged (see 3).
  
  

Next, half of the new materials stored on the first payment application were installed on the job site during the current billing period. To address this, the payment application contact takes £1,000.00 from the Previous Materials Stored column (see 1) and moves that £1,000.00 to the Work Completed this Period column (see 2). 

Data entry on the third Amount-Based payment application

For the next billing period, the subcontractor receives additional materials, the previously stored materials have been installed. The payment application contact creates their third payment application.

On the third payment application:

• Procore moves the amount from the New Materials Stored column on the second payment application and adds it to the amount in Previous Materials Stored column (see 1). 
  
  
   
• The payment application contact takes £3,000.00 from the Previous Materials Stored column on the second payment application and moves it to the Work Completed This Period column (see 1) This leaves £500.00 in the Previous Materials Stored column (see 2). 
  
  
   
• The payment application contact also enters £2,000.00 in the New Materials Stored column (see 1). This represents the new materials received during the current billing period that are now being stored. Procore adds the Materials Presently Stored value to the Previous Materials Stored value (see 2) to calculate the Materials Presently Stored value (see 3). 
  
  
   
• Procore also automatically updates the following values on the line item:
  • Total Completed & Stored to Date (%).  Procore calculates the value at 52%.
  • Total Completed & Stored to Date (£). Procore calculates the value at £6,500.00
  • Balance to Finish. Procore subtracts the sum of the 'New Materials Stored' value and the 'Previous Material Stored' amount from the 'Bill of Quantities' amount. This shows the cumulative decline of the contracted amount. 

You can continue creating payment applications and entering new line item entries until the Balance to Finish value on a line item reaches £0.00.