Subcontract Invoice Overview

Progress payments for Subcontracts are processed in the Subcontract Invoice feature. Preparation of the Subcontract Invoice is historically a difficult and time-consuming task due to retainage (holdbacks), determining current and previous change orders, and calculating previous invoice amounts. However, Corecon contains Billing Wizards that were designed to ease this burden dramatically.

Important Things To Know

  • When Subcontract Invoices are created or modified, Corecon will check if the vendor's profile contains any expired insurance records and will then provide a warning message shown in red.
  • The Subcontract Invoice process changes based on Contract Type. Please review Subcontract Invoice Billing Methods for more details.
  • The Sub Invoice Order # (NOT Invoice Date or Sub Invoice #) will determine previous invoice amounts. Corecon will automatically set the next value when creating the sub invoice.

    Invoice Date Order # Invoice #
    31-Mar-2017 1 001
    30-Apr-2017 2 002
    15-May-2017 * 3 003
    15-May-2017 * 4 004

    * Two invoices can be created on the same date but be sure to reference the appropriate Order # on each.

  • Default Work and Stored Material Retainage percentages are copied from the Subcontract but can be changed in the Subcontract Invoice.
  • Previous, Current, and Billed Retainage amounts are tracked by Job Cost Code and not in the Item Details table (eg. Schedule of Values, SCO Items, Cost Plus Items etc.).
  • Billed Retainage should always be processed last. For example, if a Subcontract Invoice has Billed Schedule of Values and Billed Retainage, then Billed Retainage should be entered last.
  • The Project # can not be changed after the Sub Invoice has been saved. Thus, if the Project # is incorrect then the transaction needs to be deleted.
  • Only Subcontract Invoices that have 'Approved' checked show up in Project Analytics and can be exported to an accounting system using a CoreconLink utility.
  • A Sub Invoice can be emailed by clicking the Report option at the top right and choosing 'Email Doc' or 'Email PDF' option in the popup form. The Sub Invoice will then be an attachment in the email.
  • When Sub Invoices are exported to an accounting system using a CoreconLink utility, they can be locked automatically in order to prevent further changes or deletions. Please see Settings | Company Settings | Global Settings for more details.
  • Email alert logic when Sub Invoices are created in TeamLink Portal:
    1) PM Contact on Prime Contract/Subcontract (This would be an internal user of Corecon.)
    If 1 is blank
    2) PM Contact referenced on Project Details' Stakeholder section
    If 2 is blank:
    3) First Admin

Steps To Complete Before Entering Sub Invoices

  • Make sure the Subcontract exists and is marked Approved with a Status Date.
  • Job Cost Code is a required reference for subcontract schedule of values, unit price items, SCO items, cost plus entries, and billed retainage/holdbacks.
  • Optional: Sales Tax Codes can be referenced on cost plus entries and billed retainage/holdbacks.
  • Review recent Subcontract Change Orders (SCO) to ensure they are marked Approved with a Status Date less than the planned Sub Invoice's Issue Date.

Add Sub Invoices Functions

Edit Sub Invoices Functions

Important Things to Know About Editing Sub Invoices:

  • If a Workflow Rule applies to the Sub Invoice and the Rule has been initiated or approved already then nothing can be modified unless the Rule is abandoned.
  • If the Sub Invoice has been imported into a Cost Plus Prime Invoice, then nothing can be modified unless the Sub Invoice is removed from the Prime Invoice.
  • If a Sub Invoice has been exported and the Transaction Lock Setting is "Auto-Lock Exported Transactions" (See Settings | Company Settings | Global Settings), then only an administrator can unlock it temporarily to make non-financial related changes.

Edit Options:

See Also

Copyright © 2023 Corecon Technologies, Inc.