Define Application for Payment Cost Details

Explanation

This activity is used when valuating items on an application for payment and particularly when using valuation method Cost Plus. The user can enter actual cost values for an application for payment item broken down by the project cost elements defined for the company.

Prerequisites

An application for payment must exist with defined items, in status Planned, Approval in Progress, Approved or Submitted.

System Effects

The work value on an item of valuation type Cost Plus becomes the sum of the reported cost for each Project Cost Element multiplied with the actual markup defined for the contract.

Window

Application For Payment

Related Window Descriptions

Project Cost Details

Procedure

Maintaining actual costs retrieved from project:

  1. Open the Application For Payment window and query for the application for payment on which you want to valuate items.
  2. Once an application for payment has been selected, click on the Item Valuation tab and then in the lower part of the tab, click on a row, right click and then click Retrieve Cost/Progress from Project. Actual costs and progress will be retrieved from the connected activities.
  3. Now right click and then click Project Cost Details. The Project Cost Details dialog box opens up.
  4. In the Project Cost field, if necessary update the actual cost for the given project cost element for the application item. Once the project cost has been entered for a cost element, the Markup is retrieved from the actual markups entered on the sales contract.
  5. Click Apply. The Work Value is automatically calculated to be the Actual Cost multiplied with the Markup.
  6. Click OK.

Entering actual costs manually:

  1. Open the Application For Payment window and query for the application for payment on which you want to valuate items.
  2. Once an application for payment has been selected, click on the Item Valuation tab and then in the lower part of the tab, click on a row, right click and then click Project Cost Details. The Project Cost Details dialog box opens up.
  3. Click on a row in the table, and click on the New button.
  4. In the Project Cost Element field, use the List button to select a project cost element that the actual cost is entered for.
  5. In the Project Cost field, enter the actual cost for the given project cost element for the application item. Once the project cost has been entered for a cost element, the Markup is retrieved from the actual markups entered on the sales contract.
  6. Click Apply. The Work Value is automatically calculated to be the Actual Cost multiplied with the Markup.
  7. Click OK.