How to Process Pay Applications

• Processing your first Pay Application
• Processing Pay Application with Stored Materials
• Processing your Retainage Release

Processing your first Pay Application

Accessing and verifying pay applications:

• Access the pay application through the verification queue and select the one you want to process.
• The system extracts vendor details, pay application number, and financial information like the original contract sum, current payment due, and balance to finish.

Extracting and calculating contract details:

• The system identifies the related subcontract and defaults the job number.
• It calculates the current payment due based on the 5% retention percentage.

Adding and matching line items:

• Add the line items, including the line number, description, scheduled value, and current period amount.
• Use the "continue line items" feature to automatically match remaining lines.
• Manually adjust any incorrectly grabbed or missed lines.
• Match any change orders that may exist.

Exporting to Premier:

• Complete the tasks to send the pay application to Premier.
• The system will remove any $0 items before sending.

Processing Pay Application with Stored Materials

Identify the Current Period Total:

• Locate the current period total, which is usually on the last page of the pay application.
• Ensure the system accurately identifies the current period total.
• If there are stored materials, indicate them along with the current period total.

Train the System on Line Item Details:

• Teach the system to identify the line numbers, descriptions, schedule values, and current period totals for each line item.
• Note that the stored material may only appear in one line item, and that's acceptable for this training.
• Decide whether to include or exclude the change order line item for this example.

Handle Missing Data Columns:

• Inform the system if it has missed any important data columns, such as the stored material.
• Expand the table to include the stored material column.
• Instruct the system on how to properly capture the stored material data.

Correct Any Incorrect Data:

• If the system grabs incorrect data for the stored material, inform it to ignore that particular item.
• Manually select and enter the correct stored material data.

Reconcile the Grand Total:

• Identify any discrepancies between the sum of the current period total and stored material, and the actual payment due.
• Update the data to ensure the grand total is accurate and matches the calculated amount.

Complete the Task:

• Complete the tasks to send the pay application to Premier.
• Send the processed pay application to Premier to create the Invoice.

Processing your Retainage Release

Process a pay application for retainage release:

1. Go to Verification - Pay Applications
2. System looks through the application number
3. Get the invoice number by appending the job number to the application number
4. Update the transaction date if needed
5. System calculates the retainage based on the original contract sum
6. System recognizes if retainage release is applicable when balance to finish is $0
7. Click on "Complete task" to process the Retainage Release to Premier