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Using airSlate SignNow for electronic invoicing accelerates form processing and reduces the risk of human error. Additionally, you can monitor the status of your sent invoices in real-time and get notifications when they have been viewed or paid.
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Partial payment invoice example for Engineering
hi in this video i am going to explain to you how to prepare interim payment applications for a project from the start until the end and that also includes how to apply and release the retention and how to recover the advanced payment how to make the statement at completion and how to make the final account this is going to be an example with numbers so pay close attention and let's start [Music] all right so this is here is our project boq and we have some project information here the project value is 75650 and the duration is five months so basically we will be having five interim payment applications and the sixth one will be the final account and the advance payment is ten percent from this value and the retention is also ten percent from this value five percent will be released against completion and five percent will be released after dlp so we will be using this form here to make the payment application i i'll call this one the payment application format and here in the pink color we have the percentage of work done as you can see previous current total and we have also the amount of work done again previous current total and actually i have explained this format in a previous video i'll keep the link to that video in the top right corner and in the description down below as well so if you want to understand the formulas here in this format you can watch that video but for the time being i don't want to make this video too long so i'll just proceed to that next step which is payment application number one so in the first month by the end of the first month we are preparing the first interim payment application in the project so what we will do the previous is zero because this is the first interim payment application we do we didn't do anything before so the previous is just zero i'll come here to the total column and i marked this column with blue and i'll update the items that i have completed this month so apparently this month i have done the pcc hundred percent so i have completed the pcc of the project file caps same we have completed the pile caps and type beam we have done 50 percent of the tie beam which means half of the tie beam so this is regarding the concrete casting and the same will be for the steel reinforcement and formwork steer reinforcement we don't have bcc here but for the formwork we have for all of them so these are the total completion percentage of this item so when we run the formulas we will find that the percentage of the previous work done here is zero and the total work done so far is 17.7 here and the current work done which is the work done this month or in the first month is 17.7 here as we can see and when you translate these three percentages into amounts like when you multiply these three columns by the amount you will get three amounts here so from the payment application number one we can see that the percentage of work done previously is zero and the total is 17.7 and the current is also 17.7 percent and when we go to the amount of work done previously again zero and the current is thirteen thousand three hundred ninety and the total also is thirteen thousand three hundred ninety so when i go here what i will do i have these percentages and amount these three percentages and these three amounts and the first thing i will prepare is something that is called previously paid previously what did i pay i just paid the advance payment as i told you which is 10 percent of the project value so we paid the advance payment even before the project starts so we paid 7500 as we can see here and we didn't pay anything else until this moment where we are making this evaluation so the total previously paid is 7565 and this is the first piece of information that we need okay the next part is take the total work done which is coming here in this column 13390 and put it here total work done 13 390. the first two things that we will do we will deduct 10 percent from the total work done as a retention and another 10 percent as a recovery of advanced payment so in each application i'll deduct 10 from whatever total work done i have to remove the retention and another 10 percent here to recover the advance payment so 13 390 minus 1 300 minus another 1 300 that will give me the first subtotal here which is ten thousand seven hundred twelve okay so now with this ten thousand seven hundred twelve i have deducted the retention and i have recovered the advance payment okay what is the previously paid what did i pay before before or previously paid i paid 7500 as an advance payment so i am going to deduct here after i got this subtotal 10 000 i am going to previously paid and i am going to deduct whatever i paid previously which is this 7500 but if i just keep it like that and i go direct to the total then you will find or you will notice that what i have done is that i have recovered the full advance payment in the first payment application itself and this is not logic because we have given the contractor or if we are the contractor we have taken the advance payment to use it throughout the project so it is not logic to recover this in the first application itself i want to recover only 10 percent of the advanced payment so as you can see here in this line deduction 2 recovery of advance payment 10 1300 here i have already recovered 10 percent of the advance payment so when i go and i deduct the previously paid i am deducting the full advance payment here because the total paid previously is the advance payment only and because of that we have to add the advanced payment remaining or the remaining portion of the advance payment which is the 7500 minus this 1300 so that is 6226 when i do that it means that here i have recovered 10 of the advance payment and because of the effect of the previously paid i have to add again the remaining value of the advanced payment so that means that i didn't recover from the advanced payment except this 10 percent which i have deducted here so subtotal minus previously paid plus the remaining advance payment will give me 9373 which is the net payable amount for the payment application number one this is the amount that we should be paid please let me know in the comments if you understand this point advance payment remaining why are we adding the remaining part of the advance payment again let's talk on that on the comments so that we can make it more clear there so this is the net payable amount this month this will be paid then after that we will go to the month number two again we will work and by the end of the month number two i want to prepare interim payment application number two so the first thing i will do i will go to payment application number one again and you see this blue column which is the total work done column this was the total work done until the end of the first month but now we are at the end of the second month so whatever was there in the blue column i'll bring it here as a previous so i bring the total work done of payment application number one as a previous here in payment application number two so i'll find here that the percentage that i am getting is 17.7 and this is the percentage of the previous work done and i'll update the total work done until the end of the month number two so i'll find here that in addition to what i have done in the first month in the second month what did i do i have completed the thai beams and i've also done the neck columns and i've also done the ground beams for concrete casting is still reinforcement and formwork and that's why the total completion or the total percentage of completion here is 39.48 and this is the total percentage of completion until this moment so 39 minus 17 that's 21 which means i've done 21 of the project in the second month itself so i'll take these three percentages and these three amounts here previous percentage 17 percent current is 21 total is 39 the current is equal to the total minus the previous again for amounts same 13 390 is the previous 16 000 is the current and 29 000 is the total so what i'll do with this again i'll go to this sheet here first thing what did i pay previously previously i've paid the advance payment which is 7565 and i paid for month one if you remember i paid nine thousand three hundred seventy three so the total previously paid is sixteen thousand nine hundred thirty eight this is what i have paid so far okay let's start with the total work done by the end of the second month that is twenty nine thousand eight hundred seventy it will come here again ten percent deduction ten percent deduction one of them for the retention and the other one for the recovery of the advanced payment so i'll get my subtotal which is the total work done minus these two deductions so i'm getting here 23 000 very good okay out of 23 000 how much did i pay before i paid before 16 900 so i'll deduct that as previously paid but be careful because the 16 900 it includes the full advance payment and i don't want to deduct the full advance payment because i am recovering it on steps so i have to add this part which is advanced payment remaining which is again the total advance payment minus whatever i have recovered from the advanced payment so far which is the 2900 so i have to add here the remaining advance payment which is 4578 and please let me know in the comments what do you think about this part again so subtotal minus previously paid plus advanced payment remaining it will give me that the net payable amount this month is 11 536 and this is the amount that we should pay to the contractor for the works that have been executed in the second month okay let's go to month number three okay we are here in payment application number three by the end of the third month again let's go back to the payment application number two and you see the total column it's in red here so what will happen when we go to the third month the same red column will come here so because the total work done until the end of month number two was 39 percent so when we do the payment application number three by the end of the third month the previous work done will be 39 and we will update the total of the works that was executed in the month number three okay so slavon grid we executed this new item in month number three and we executed the external steps as well okay so that gives us a total percentage of completion here 56 percent so previous 39 current 17 and total 56 percent and for the amounts previous is 29 000 and current is 12 000 and total is 42 000. let's go to our certificate here so again let's start with the previously paid we paid the advance and we paid month number one and we paid month number two i understand that it looks like repetitive so don't leave the video because the statement at completion and the final account are very important aspects of this video so previously paid so far advanced month 1 month 2 so 28 000. what is the total work done until the end of month number 3 as we can see forty two thousand so the forty two thousand will come here total work done forty two thousand and we will deduct the retention ten percent and we will recover the advance payment ten percent so the subtotal will be thirty four thousand okay how much is the previously paid 28 000 so i'll deduct that here and again for the third time i'll add here the advanced payment remaining which is the advanced payment minus whatever you have already recovered from the advanced payment which is 10 percent from the total work done so the advance payment remaining is 3200 so that gives me a net payment or net payable amount of 9002 to be paid for the works that have been executed in the month number three okay let's go to month number four again from the month number three i'll take the total column which is blue and i'll put it as previous so the 56 which was the total here will become 56 as previous in the payment application number four and the total work done for the payment application number four will be 88 okay so the current or the works that have been executed in month number four are 32 percent so previous 56 current 32 and total 88 percent of the project we almost completed the project now because we are in month number four and the total duration is five months so as amounts amount of work done previously is 42 000 current is 24 000 and total is 67 000. okay going to the certificate what did i pay previously we paid the advance and we paid month one month to end month three so so far we have paid thirty seven thousand what is the total work done until the end of month number four that's sixty seven thousand remove ten percent retention and remove ten percent recovery of advanced payment so the subtotal is 53 000 okay what is the previously paid here 37 000 and what is the remaining of the advance payment here the advanced payment minus the 6700 so it gives me 864 only here as a advanced payment remaining and that gives me a net payable amount this month month number four sixteen thousand nine hundred ninety six okay going to month number five again whatever was total in month number four i'll make it as previous here in month number five and i'll update the total works and as you can see in month number five i have updated everything i have finished the project so now my total work done is hundred percent i have finished the boq i've done everything so the percentage done previously is 88 percent current is 11 total is hundred percent and the amount of work done previously again 67 000 and the current works are 8 600 and the total work done is 75 650 which is actually the contract value but when we go to the certificate of the last month in the project or statement at completion so in that certificate what will happen let's see the previously paid first we paid the advance we paid month one two three four five we didn't pay yet because we are calculating now how much we should pay now at the end of the project so previously paid fifty four thousand okay total work done is hundred percent of the works which is seventy five thousand six hundred fifty the thing is that now i should release five percent of the retention by the end of the project when i complete the project or when the contractor completes the project he deserves five percent okay so in that case when i deduct the retention i deduct five percent only i don't want to deduct 10 percent anymore because when i don't deduct five percent it means that i am releasing actually this five percent because i am not deducting it so i'll deduct only five percent here which will be three thousand hundred and i'll not recover any advance payment because the project is finished my friend so you have recovered everything you have your advanced payment with you now as a project which you can use and you can do everything so the subtotal will be 75 000 minus the 5 retention which is 71 000 and previously we have paid 54 000 and the advance payment remaining will be zero so 71 000 minus fifty four that's seventeen thousand three hundred ninety five and we will pay this as the payment application number five or let's say payment certificate number five will be seventeen thousand three hundred as we can see here okay a very important point here up to month number four how much did we pay we paid the advance and month one two three and four the submission here is 54 000 until month number four and for month number five we are paying 17 000. so actually if you add the 17 000 to the 54 000 which is what you have paid until this moment this will give you 71 867 and actually if you divide this by the total project you will find the total percentage that you are paying so far is 95 why because you still have five percent with you as a retention and this will be released after the dlp and actually this is where you should like this video because here i have showed you that by the end of the project and following all these things that we have talked about in this video we have ended up finishing the project by 100 completion as you can see here but we have taken only 95 percent of the money and i've showed you how did you keep the five percent with you okay so now after the end of the project 12 months will be there which is the fact liability period where the contractor will be responsible to rectify any defects that appear in the project and all this stuff and after that you will make to him something that is called the final account or the final settlement so actually here in the payment application number five the total was hundred percent but the previous was 88 percent only but when we are doing the final account we will make the total which was hundred we will make it previous and the total will be also hundred percent so the previous or what was executed in the dlp itself it's included in whatever was paid so the works that were executed in the dlp worth is zero but we will be just releasing the five percent retention but if you want to follow formulas this is how to do it you will make both columns 100 percent and the current will be zero in that case and when you go to the certificate of the final account you will see that you have paid the advance you have paid month one two three four five and this is the total as i told you 71 000 and this 71 000 is 95 of the project so what i will do i'll say that the total work done is because 100 75 650 but now retention will be zero because i am actually releasing the retention and the recovery of advanced payment also zero so the subtotal is equal to the total work done seventy five thousand and what did i pay previously i paid advance and months one up to month number five which is seventy one thousand so the paid previously is seventy one thousand and seventy five thousand here minus seventy one thousand will give you that three thousand seven hundred eighty two which is actually five percent of the total amount which you should be releasing now and again this is the second point where you should like the video if you didn't do it so far because this is amazing guys i am showing you how to do this with numbers now i want you to click on this video to learn everything you need to know about the advanced payment and the retention and the fix the ability period and all of this stuff and thank you so much for watching this video i enjoyed being with you and i hope you enjoyed being with me and i'll see you in the next video bye bye
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