You can now enter Sub Bills for Subcontractors with a locked/signed agreement, who will not participate in Sub Billing through their portal. The bills prepared this way will use the existing cost code layout as the Schedule of Values (SOV), even if you have the custom SOV rule set under Accounting>Billing>BillingRequirements.
Click Accounting>Billing>View Sub Billing>Add New Sub Bill
Set the Billing Date Period
Enter bill amounts, either in Work in Progress (WIP$) column or enter a Percent Complete in the % Comp Column. These two cells are linked, entering a value in one will automatically complete the other.
Attach any supporting document, such as a copy of the bill you received from Subcontractor outside the RedTeam Go system. Even if you attach a bill, you will still need to enter the correct billing values.
Submit Bill when complete
Sub Bills entered this way will automatically go to the Approved status since they are entered by a GC employee.
Additional Quick links have been added to the Subilling page to Assist Accountants with their work. The Quick Links will appear differently depending upon:
User Roles (PM, Accountant, Notary)
GC Lien release setting (Digital or Hand-signed)
DIGITAL LIENS
Approve/Accept – Quick link that launches the User into Approvals or Acceptance of Sub Bills from Oldest to most recent. The text in this button depends upon user role settings in company contact.
Liens to Notarize – Only Accountants with Notary will have a this Quick Link
Unsigned Liens – Allows PM/Accountants to checked for unsigned digital liens before Approve/Accept/Notarize
Not Printed – a Quick link to view which Bills in Approved, Accepted, Paid categories.
Other Updates
The Settings Icon will only appear for Notaries using Digital Lien option. It provide a way to turn Notarize Sub Billing on and off.
The Submitted on Toggle was added to help locate bills by the date they were Submitted On (default), Bills Approved On or Accepted On
HAND-SIGNED LIENS
Approve or Accept – Quick link that launches the User into Approvals or Acceptance of Sub Bills from oldest to most recent. The text in this button depends upon user role settings in company contact.
Liens to Approve – Displays all Liens that have been submitted by the Subcontractor and are ready for Approval (show piece of Paper Icon)
Awaiting Liens – Allows PM/Accountants to check to see which Bills Hand-signed Liens have been requested for, but have not yet been returned by the Subcontractors.
Not Printed – a Quick link to view which Bills in Approved, Accepted, Paid categories have not yet been Printed. (NOTE: Check Pending & Not Printed on Filter to check for Printed items in Pending status)
Other Updates
Printing in Pending status is now possible for an Accountant, but it will ONLY post the Print Date and will not move the status out of Pending. It will still need to be Approved by a Project Manager to change Status. NOTE: This update is simply so Accountants who Print bills first can see which items have already been Printed so they will not duplicate or miss any bills.
The Submitted on Toggle was added to help locate bills by the date they were Submitted On (default), Bills Approved On or Liens Approved On
The Statuses for Sub Bills are: Pending, Approved, Accepted, Rejected, Paid
The Filter allow you to select which of these Status items display on screen
The Triggers that can change the statuses on the Accounting Subilling page or inside the Project at Billing>Subilling are different depending upon whether your company uses Hand-signed Liens or Digitally Signed Liens.
There are also slight differences in how they are moved in Old Subilling Module
HAND SIGNED LIENS
For Hand-Signed Liens, Project Manager Approval moves bill from Pending to Approved in Status column and sends the Lien Release to the Subcontractor.
To move Bills from Approved to Accepted Status do one of the following:
Approve the subs Hand-Signed Lien (PM or Accountant can do this)
Use Accept or Print and Accept in Accountant Accept Screen
Accountant checks bills and uses Print on Batch Actions (Pending Bills excluded*)
*WHY ARE PENDING BILLS EXCLUDED? If an Accountant Prints a Bill in Pending status, it will post the Print Date but will NOT move the bill to Accepted. This is because it would be difficult to see that those bills have not yet been Approved by a Project Manager which emails the lien release to the sub!
In Old Billing Module the triggers to move Approved to Accepted are:
Approving the Hand-Signed Lien (PM or Accountant can do this)
Clicking Accept on the Ellipses next to the Bill
Accountant checks boxes and select Accept on Batch Actions
Accountant checks boxes and selects Print on Batch Actions. (Important for old Billing Module because there was no Accept option in old billing. Printing was the old action that typically designated work on the bill to be complete in RedTeam Go.
DIGITALLY SIGNED LIENS
For Digital Liens, Project Manager Approval moves bill from Pending to Approved in Status.
To move Bills from Approved to Accepted Status Accountants will do one of the following:
Accept/Notarize or Print and Accept from Accountant Accept Screen
Accountant checks boxes and select Accept on Batch Actions
Accountant checks boxes and selects Print on Batch Actions (not permitted on Bills in Pending)
Users with the PM/Accountant Dual Role set their contact can Approve/Accept in one click. If will also Notarize at same time if they have this enabled.
You can turn off this option by having the GC employee with Notary
Go to Accounting > Approve Sub Billing
Click on the Settings Gear
Check the box that says ‘Do Not Notarize Subcontractor Billing’
This will remove the Liens to Notarize Quick Link from view and will not apply the Notary seal when they Accepting Sub Bills under the Digital Lien setting.
This option to turn off Sub Billing Notarization is for GCs who may Notarize Owner Bills but either do not require Lien releases from subcontractor, do not need to Notarize signed Liens or who cannot digitally notarize liens in their jurisdiction.
Job Cost Statement is a higher-level interactive report that is designed to provide a better Over/Under view of Cost to Revenue on a project. While other In Progress reports display Committed Costs in a manner that meets the needs of Project Managers, this report is designed to more closely match the way Accounting teams track project revenue against project expense.
For clients with a QuickBooks Desktop (QBD) or QuickBooks Online (QBO) RedTeam Go Accounting integration, the report uses Push-Pull of transactions to provide the most accurate up to date information.
The numbers from the Job Cost Statement feed into the calculations that that are included in the Work In Process (WIP) report which is a company level report available to Accountants and Executives.
You can access the Project’s Job Cost Statement under Commitments in the left hand navigation or from Reports under the Accounting Budgets section of the right-hand column.
The report displays Revenue metrics on the top (highlighted in Green Box) and Expenses below by cost items (highlighted in Red Box)
REVENUE
HINT: Any value displayed in parenthesis (7,409.63) in the REVENUE section means that this value is being subtracted from the other values. In other words, it is being used as a negative value to reach the total value in the section.
Each section in Revenue builds on the calculations of the previous sections from left to right.
Contract Values section will show Original Contract and any approved Owner Change Orders. Click hyperlinks to show details.
Balance will show take the Revised Total contract value and subtracts the Billed to Date Revenue portion (Owner Billing invoice totals – Retainage held by the Owner). Then the Retainage Held is also subtracted to show the remaining balance still to be billed to the Owner.
ProfitProjectionCompares the Total Contract Value against Projected Total Costs column of the Report to display the projected or Budgeted Profit
The Budgeted Profit will match your Gross Profit on the RedTeam Go Budget Report.
How does this differ from the Earned Profit?
The Projected Column will display the amounts that is in each cost code (during selected filter dates)
Labor, Material, Equipment, Other and Over Head items will show the total amount in the cost code as the forecasted amount you will spend NOT the Current amount spent (the values SPENT will show in the Cost to Date column)
Subcontractor Cost items will show the amount budgeted
The Budgeted Profit hyperlink will open to display additional Information on the the Projected Profit/Loss. It breaks out the Budgeted Amount (original Bid Amount plus any changes made to Profit when setting up Construction Budget in WSS) as well as any profit/loss as a result of any Internal Change Order or Owner/Subcontractor Change Order transactions.
Earned Profit shows the Profit Earned (Total % of Costs Billed x Budgeted Profit) plus the Total Cost To Date to create the Earned to Date value used in the final Billing Over/(Under) Section
HINT: Moving funds that will not be spent out of cost codes via Internal Change Order will increase Earned Profit on JCS by reducing your Projected Total Costs.
Billing Over/(Under) This section will show if you have billed the Project Owner for the costs you have incurred on the project. A positive Over value shows that you have billed more than you have paid out, while (Negative) Under value means your costs have exceeded what you have billed the Owner so far. This is a benchmark to check before you create the next Owner bill to be certain to remain ahead of your expenses.
How does this section calculate? See Image and Explanation below:
It takes the current Billed to Date amount in as Owner Billing Revenue number (which represent the Payments due to the GC) less the Retainage Held currently by the Owner, lessEarned to Date total (the Profit Earned plus Costs to Date) to give the Over/(Under) value.
EXPENSES
HINT: Everything below EXPENSES is all about Project Cost. It displays the originally Budgeted amounts by Cost Code, Current Projected Costs, and Committed Costs. Last two columns show what remains to be spent/billed and a percentage to show if you are over or under on Budgeted costs.
WARNING! If you have a Quick Book Integration using the Job Cost Push/Pull functionality the report will behave differently. Please also refer to the following post to learn the Push/Pull works How does the Job Cost Statement work with QuickBooks Integration?
Below is a description of what each Expense column represents:
1.) BUDGETED AMOUNT – This represents the original amount allocated to the cost code without any mark ups included. This budget is set under Commitments>Budget when the project is in the Will Start Soon Status. (This column will match the Budget Report “Budgeted Amount” column).
2.) APPROVED CHANGES – Approved changes will include amounts from the “Sub Price Box” in an Owner Change Orders, Sub Only Change Order Amounts, and Internal Change Orders used to move funds in and out of Cost Items.
3.) PROJECTED TOTAL COSTS – (Columns 1 + 2 = 3) Budgeted Amount + Change Orders = Projected Total Costs. Click on the hyperlink to see the transactions that contributed to the projection.
4.) TOTAL COST COMMITTED – Committed Costs will include locked Subcontract and Approved Sub Change Order (SCO) amounts , Approved Purchase Orders, Accepted Expenses/Field Purchase Orders, and Approved Labor Costs.
5.) BALANCE TO COMMIT – Balance to commit will display the remaining funds to be spent for the cost item. NOTE: this will not apply to locked .S cost codes, since no additional funds can remain in an awarded Subcontractor cost code.
6.) PRIOR PERIOD COSTS – Cost from the previous billing periods (monthly) are automatically moved to the Prior Period Costs.
7.) CURRENT PERIOD COSTS – The costs that have accrued during the current billing period.
8.) RETAINAGE – This column will only populate for .S (Subcontractor) Cost Items that have Approved Subcontractor Bills. More detailed retainage can be seen in Sub Bill details in the Total Cost to Date column hyperlink.
9.) TOTAL COSTS TO DATE – This column will display all the transactions that were used to reach the total cost. Transactions that will be included here are Sub Billing, Purchase Orders, Field Purchase Orders, Expenses and Labor Costs (from Timesheets)
10.) BALANCE TO FINISH COSTS – The remainder of the Projected cost that has not been spent/billed. At the close of the project use negative Internal Change Orders to move unspent funds out of cost code and into Profit. If you have .S cost codes that were never awarded to subcontractors, go to the Award Subcontractors page and reduce those values to 0.00 and Save to move to Profit.
11.) % OF COSTS BILLED – This will show you at a glance if you are over or under expenses on a cost code. Anything less that 100% means there are still funds in the cost code to spend (or to be billed by Subs for awarded .S cost codes). Anything over 100% means you spent more than Projected.
