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Shows consolidated totals for the selected service line and the entire document.
At the bottom of the Service tab, a financial summary section provides a quick view of all values for the current period.
Agreement (Qty / Amount)-The original contracted quantity and value under the Subcontract Agreement.
Payment Application (Qty / Amount) - The quantity and amount the subcontractor is claiming for payment in the current application.
Payment Certificate (Qty / Amount) - The quantity and amount approved and certified after review of the subcontractor’s claim.
Invoiced (Qty / Amount) - The quantity and amount that have already been invoiced based on certified work.
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If "Show Summary for the Selected Row" is enabled, the summary displays only the totals related to the specific subcontract service line currently selected. When disabled, the summary shows totals for the entire subcontract payment application document.
Deduction Tab
for deduction tab we need to put important note related to the Vat rate and amount, that it is only for calculations purposes I will not be posted as input or recoverable vat. for proper vat calculation and posting - Invoice Received for deductions needs to be recorded.
- all accounting and finance transactions for deductions will be posted in Invoice received.
- in deduction fields description "being billed" sounds strange, since it is deduction.
This tab is used to record deductions applied to the subcontractor’s claim, such as penalties, material supply recoveries, advance recoveries, or other contractual adjustments. Each deduction reduces the total payable amount to the subcontractor.
- Item-Name of the material or service being billed., service, or deduction type
- Content / Description-Details or description of the item.deduction
- Quantity - Amount Quantity being billeddeducted.
- UOM (Unit of Measure)- Measurement unit for the quantity (e.g., Litre, Hour).
- Price (Unit Price)-Cost per unit of the item.
- VAT %-Tax percentage applied to the item.
- VAT Amount-Tax amount calculated from VAT %.
- Amount (Net Value)-Total amount before tax (Quantity × Price).
- Total Amount (Gross Value)-Amount including VAT (Net + VAT).
- Subcontractor WBS-Project Work Breakdown Structure code used to allocate cost to the correct project activity.
- GL Account-Financial account to which the expense or revenue is posted.
- Department-Responsible Responsible company department for this cost.
- Business Activity-Internal reporting classification category.
- Income Item / Cost Code-Used for grouping costs or revenue by type.
- Comment-Optional notes or remarks about the line.
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