Definition
Progress tracking and Billing follow monitors the actual work done at the construction or project site. The system links completed on-site work updates to financial entries, ensuring that billing accurately reflects the actual progress.
Progress tracking refers to monitoring the actual work completed on-site. This is typically captured in a document called a progress report, which reflects the percentage of completion for different tasks.
Based on this recorded progress, the team generates billing documents such as:
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, and billing is generated accordingly to reflect the project's actual progress.
Progressive Invoice
It is a bill for the portion of work completed in a project so far, after adjusting for advance payments and retention.
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- Advance Invoice- Issued to request upfront payment before work begins.
- Payment Received- Records client payment and marks it for offsetting.
- Project Progress Report - captures the percentage of work completed on-site.
- Payment Application Issued - Drafts the billing claim based on reported progress.
- Payment Certificate Received - Approves and certifies the amount to be invoiced.
- Progressive Invoice - Final An invoice issued , linked to based on the certified amount with advances deducted., with any applicable advance deductions
- Credit Note - Used to adjust or correct previous invoices.
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- invoices
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- .
Retention
It is a percentage (e.g., 10%) of the invoiced amount that is temporarily withheld to ensure the contractor completes the project properly and resolves any defects that may arise. In FirstBit, retention can be applied per invoice or only at the project end, based on contract settings. The retained amount is not lost; it is posted separately to Retention Receivables and can be claimed later.
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