AIA billing as easy as ABC
For construction AIA billing, the FOUNDATION Add/Edit AIA Billings function has an easy-to-use, intuitive interface. It even resembles a standard schedule of values. Enter each billing item by line, or copy a schedule of values from another job. Also define multiple sections, each with its own title and sub-total. Then easily rearrange schedule rows by clicking and dragging them wherever you want.
When you post applications, FOUNDATION updates your construction AIA billing. FOUNDATION reflects the proper amounts across the board each time you access the AIA. That means you only need to enter current-period information.
When you need to adjust a red-lined billing, the automated rollback function returns all values to the previous application and updates your A/R history, General Ledger and Job Costing. FOUNDATION leaves a complete audit trail.
FOUNDATION also supports different retainage percentages for each line item, as well as line-item distribution to different income accounts, divisions, phases and cost codes.
FOUNDATION saves important information like invoice posting, transaction and cash receipt dates, so you can run reports for any date range and review comprehensive histories. Invoices can be aged by invoice date, transaction date or due date.
When you or your employees need to make adjustments, reversals or voids, FOUNDATION maintains all information from both the adjusting transaction and the original transaction. This creates a complete and date-sensitive audit trail. Your database assigns a unique identifier to all posting logs and registers, printed at the top of each posting log and attached to your G/L transactions record. This transaction-source detail lets you accurately review and audit your accounts. It also ensures your vendor history, General Ledger and Job Costing remain in balance.
Accounts receivable functions
Easy Adjustments, Reversals and Credit Memos
Part of construction accounting is making adjustments as they’re needed. Our Quick Reversal feature lets you reverse an invoice in one simple step, even after it’s hit the G/L. Whether you’re adjusting an invoice or making a full reversal, FOUNDATION updates your General Ledger and Job Costing Modules instantaneously. This creates a full audit trail that will make your CPA happy!
With FOUNDATION, enjoy fewer year-end difficulties. Make adjustments to prior periods with administrative access. Like other modules, reporting is date sensitive, and user-controlled date restrictions define the current period to prevent posting outside of the active period.
Improve Collections (and Cash Flow)
Collecting payments quickly is crucial. Get the detail you need with the A/R Aging Report. View aging invoices by customer or job, with or without retainage. Also log collection notes right from the report window, or instantly drill down to an invoice.
If a payment becomes overdue, generate the service charges, and prepare a custom statement for your customer.
Automate Recurring Invoices
If you have a customer with a regular billing, you don’t have to enter the same information with every invoice. Simply create one billing, and tell FOUNDATION how often it should occur. Generate all of your company’s recurring invoices with just one click.