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:
- Date Sensitivity and Audit Trail
- Numerous Ways to Invoice
- Intuitive AIA Billing
- Retainage Handling
- User-Defined Invoice Formats
- Easy Adjustments, Reversals, and Credit Memos
- Sales and Use Tax Tracking
- Powerful Reporting
- Easy Year-End Transition
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.
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.
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.
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.
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.
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.
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.
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
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.
What our clients are saying
"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 FOUNDATIONfor 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