Accounts Receivable Construction Software
Paired with the extensive reporting capabilities of the Job Costing
Module, the Accounts Receivable Module in FOUNDATION for Windows
construction software helps you examine the profitability of each
of your jobs, allowing you to maximize every penny of income. Designed
for quick data entry and flexible billing methods, Accounts Receivable
meets the needs of a wide variety of contractors.
Click to learn more about these highlights of the Accounts Receivable
Module:
 Download more information on our accounts receivable construction software
Date Sensitivity and Audit Trail
As with all modules, the detail of invoices and cash receipts -
including posting date and transaction date - are retained by the
system. Therefore, all reports can be run for any date range, including
prior periods. Invoices can be aged by invoice date, transaction
date or due date. When adjustments, reversals, or voids must be
made, all data from the adjusting transaction as well as the original
transaction is maintained, allowing a complete audit trail that
is, again, date sensitive. All posting logs and registers are assigned
a unique identifier at the time of posting. This code is printed
at the top of each posting log and is attached to the historical
record of General Ledger transactions. The availability of transaction-source
detail allows for the accurate review and auditing of your accounts
and ensures that customer history, the General Ledger and Job Costing
remain in balance.
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Numerous Ways to Invoice
FOUNDATION construction software comes standard with the Accounts
Receivable Module, which supports standard receivable invoices with
free-form or line-item detail, percent-complete billing and AIA
billings. Optional modules such as Time
and Material and Unit Price
Billing allow additional billing options and directly integrate
with Accounts Receivable, creating income journal entries and linked
customer history. All invoice types directly integrate with the
General Ledger and Job Costing. Income can also be distributed to
multiple Equipment items.
FOUNDATION also accommodates recurrent billing by allowing
you to create invoice templates which can then be used to
generate invoices on a daily, weekly, monthly, quarterly or
yearly basis. Limits based on a number of invoices or dates
can be defined. Most regular invoice features are supported,
including percent-complete, discounts, retainage, sales and
use tax, income types, etc.
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Intuitive AIA Billing
You don't have to understand much about AIAs to use the FOUNDATION
AIA billing function - it's that easy. The intuitive interface resembles
a standard schedule of values, allowing you to enter each billing
item line-by-line. The copy function even allows you to copy a schedule
of values from another job. You may define multiple sections in
the schedule, each with its own title and sub-total, and all rows
on the schedule can be re-arranged simply by clicking-and-dragging
them where you want them.
Posted applications automatically update, so each time you access the AIA, the proper amounts are reflected for the previous application, completed this period, percentage of completion, percent billed, retainage, etc. You only need to enter information about the current period. When a billing is red-lined or otherwise needs adjusting, the automated roll-back function acts much like an undo button. Rolling back the AIA returns all values to the previous application and updates Accounts Receivable history, the General Ledger and Job Costing, leaving a complete audit trail.
FOUNDATION construction software supports different retainage
percentages for each line item, as well as distribution of each
line item to different income accounts, divisions, phases and cost
codes. AIA forms meeting the American Institute of Architecture's
specifications can be printed immediately on blank paper, or you
can print directly to the pre-printed forms.
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Retainage Handling
The system handles retainage through all types of billings
and tracks it from the invoice, to release, to the cash receipt.
Regular, percent-complete and time and material invoices allow
entry of retainage percentages or dollar amounts, and allows
the release of retainage as a separate invoice or as part
of another billing. For AIAs and unit price bids, retainage
can be handled per line-item. The process of releasing retainage
and receiving payment for it is automated, but allows user
control where necessary.
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User-Defined Invoice Formats
The powerful Accounts Receivable InvoiceGenie ® guides you through the creation of invoice
designs for printing. You can create an unlimited number of formats
- one for each customer, if desired. Each invoice can include a
free-form section or line-item detail including a description, unit
of measure, quantity, unit price and extended price. With the optional Inventory Module, this information can
reference specific user-defined inventory items. Invoices can also
include original contract amount, change order amount, revised contract
amount, percent complete, previous estimate amount, retainage to
date, current retainage, current amount due, etc., where applicable.
The designs can be in full-color and can include graphics such as
your company logo, boxes, and lines. The invoice templates you design
can be saved, reused, copied and modified.
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Easy Adjustments, Reversals and Credit Memos
Full or partial reversal of incorrect invoices may be made by simply entering the invoice number and correcting the existing data. This single-point adjustment will immediately update all Accounts Receivable, General Ledger and Job Costing files. A full and detailed audit trail of each adjustment is provided.
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Sales and Use Tax Tracking
FOUNDATION construction software offers complete flexibility in
tracking sales and use tax. If you charge sales tax, you may indicate
the portion of the invoice that is taxable. With the optional Inventory
Module, the taxability of individual inventory items can be controlled
by default. You may also track use tax liability through Accounts
Receivable or Accounts Payable. Reporting of liability is available,
and you may optionally accrue it in the General Ledger. In any case,
by setting appropriate customer and job defaults, very little data
entry is involved. Instead, several powerful reports will display
your tax expense and liability automatically. These reports can
calculate make-up tax, show a breakdown of the tax rates from a
single authority, or provide totals for remitting taxes from different
rates to one authority. Like all reports in FOUNDATION, they are
fully date sensitive.
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Powerful Reporting
Accounts Receivable reports can be run by customer, job, income
type, project manager, geographical area or project class. In addition,
all reports may be run for any date range, any length of time and
into the past and future. A detailed audit history is maintained
so that an inquiry into the transaction history of a customer and/or
job can be made at any time. Among the variety of pre-defined reports
are:
- Aged Receivables with Retainage
- Aged Receivables by Job
- Applied History Report
- Cash Receipts by Account
- Contract Receivables
- Full Invoicing Report
- Invoice Transaction Analysis
- Invoice List
- Invoice Analysis Worksheet
- Sales Tax
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Easy Year-End Transition
With FOUNDATION construction software, the difficulties of year-end
are virtually eliminated. Adjustments can be made to prior periods
at any time. Date-sensitive reporting allows you to include or exclude
information that doesn't fall within the current period. As with
other modules, user-controlled date restrictions allow you to define
the current period and to prevent posting outside it or display
a warning when you attempt to.
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FOUNDATION
handles all necessary union accounting and reports. We needed
a reliable program when it came to producing AIAs. Our previous
system couldn't handle this accurately, and it was time to make
a switch. All of our problems were solved with FOUNDATION for
Windows.
– Marsha Friedberg, Office Manager/ Bookkeeper, Devecka Custom Construction
The ease of use and the amount of time saved with FOUNDATION's
AIA billing is great. Previous billings are there, and
you just need to insert the current amount due. The same
thing applies to certified payroll.
– John Jacobs, Office Manger, Ruhlman Brothers |
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See why contractors use FOUNDATION as their construction accounting software!
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