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Contracting setup : Sales
Use Retentions for Sales- This should be enabled when the customer will have retention on sales.
Retention in construction contracts is a crucial agreement where a percentage of payment is held until the completion of the project, the purpose of retention is to ensure that the contractor properly completes the activities required of them under the contract. On completion, half of the amount retained is released and the remainder is released upon certification of making good defects at the end of the defects liability period. To know more in detail about retention, kindly refer Retention Sales (Contracting).
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t can be revised multiple times until it is finalized before the start of project. Once project is confirmed, during the project execution, client might ask few more changes during middle of project work, so this changes will led to creation of VARIATIONs
Calculation VAT at retention Invoice (Default)- Refer Retention Sales (Contracting) and VAT on Retention Invoice
Proforma (Progressive) Invoice estimation: Progressive invoice are created in % basis, it can either % of Amount or Quantity.
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- Contracting setup : Procurements
Use Fuel consumption-Fuel consumption is used to track the fuel consumed for each asset. Once we enable this we will have one entry form to record the fuel consumption for assets in project costing module.
Use supplier rating- It works based on each purchase order, Criteria can be created by entity, it can be quality, delivery time or payment terms. Based on overall purchase per supplier, average rates are calculated.
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Supplier Price type (by default for projects GL)- It is used to fill the prices in the project estimate based on the project price list
Proforma Invoice received estimation- By amount/ by Quantity. By amount, system will take % of
- Contracting setup : HR and Project Progress-
Deduction type for Damages/Losses- This is used to set the default deduction type for damages and losses. Please check the manual for more details- Project Damages/Losses report
Progressive billing- Revenue is recognized based on progress initially and when invoice is issued to client, only billing account is offset.
Time card expense GL account-In time card document, when allocation of cost is done and the resources/manpower are hired. The GL are required to create the entry of Time card.
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Manual project task status is used to change the Project task status manually instead of automatically.
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#Contracting #settings