Lesson 5: Invoice and Progress Claim Flashcards
(45 cards)
Vendor
VENDOR NAME
VENDOR ADDRESS
PAYMENT REMITTANCE DETAILS
GST AND BUSINESS NUMBERS
KEY CONTACT INFORMATION (FOR DISPUTE, CHANGES, AND QUESTIONS)
TERMS
Vendor name
FULL LEGAL NAME OF A SUPPLIER / SUBTRADE
IT MAY OR MAY NOT BE THE SAME AS WHAT SHOWS ON THE LETTERHEAD.
Vendor address
BUSINESS ADDRESS
MAILING ADDRESS
PAYMENT ADDRESS
Payment remittance details
WIRE / CHEQUE / EFT DETAILS
GST and business numbers
BUSINESS NUMBER IS A NINE-DIGIT UNIQUE NUMBER
GST NUMBER IS USUALLY THE SAME NINE - DIGIT NUMBER BUT ENDS IN RT0001
GST NUMBER IS A KEY
Key contact information
GENERIC BILLING OR ACCOUNTING CONTACT INFORMATION
Terms
PAYMENT DUE DATE
LATE PAYMENT INTEREST AND PENALTIES
Project (Key elements of an invoice)
PROJECT NAME
PROJECT NUMBER
SERVICE ADDRESS / DELIVERY ADDRESS
PO NUMBER
SUBCONTRACT NUMBER
PROJECT DESIGNATED PERSON CONTACT
NATURE OF INVOICES (QUANTITY, SERVICES, UNIT PRICE, DELIVERY FEE)
Project name
MANY PROJECTS SHARE SIMILAR NAMES.
IT PROVIDES A QUICK REFERENCE FOR EVERYONE WHEN GOING THROUGH THE INVOICES.
Project number
IT PROVIDES A UNIQUE REFERENCE TO THE RIGHT PROJECT IF THE VENDOR CAN USE YOUR PROJECT NAME.
IT PROVIDES A QUICK REFERENCE TO THE EXACT PROJECT, LOCATION, OR PHASE.
Service address / Delivery address
THIS CONFIRMS THE EXACT LOCATION OF THE SITE AND OR SITE RECIPIENT.
PO Number
THE UNIQUE NUMBER THAT TIES TO A PO NUMBER FOR QUICK REFERENCES FOR THE SITE SUPERVISOR’S CONFIRMATION.
Project designated person contact.
THIS IS THE KEY CONTACT PERSON WHO PLACED THE ORDER OR ORDERED THE SERVICES.
Company (Key elements of an invoice)
COMPANY COMPLETE LEGAL NAME
COMPANY ADDRESS
CUSTOMER NUMBER
Company complete legal name
WHEN SERVICES HAVE BEEN PROVIDED OR GOODS HAVE BEEN DELIVERED, THE COMPANY HAS LEGAL OBLIGATION TO PAY THE VENDORS.
THE COMPANY CAN CLAIM THE EXPENSES AS COSTS.
THE COMPANY CAN CLAIM BACK THE GST AMOUNT.
Customer number
THIS VENDOR’S ASSIGNED NUMBER.
IT PROVIDES CONSISTENCY / REFERENCES FOR BILLING PURPOSES.
Invoice (Key elements of an invoice)
INVOICE DATE
SERVICE DATE
TAX-GST AND PST
HOLDBACK
PROGRESS CLAIM SCHEDULE
INVOICE / CREDIT / REFUND
Vendor accounting system generated unique number.
INVOICE DATE
Service performed date / good delivery date.
SERVICE DATE
Invoice / Credit / Refund
DEPENDING ON THE SYSTEMS OF EACH COMPANY. REFUND AND CREDITS CAN SHOW SIGNIFICANTLY DIFFERENT.
REVISIONS OF INVOICES CAN BE HANDLED DIFFERENTLY PENDING ON THE VENDOR’S SYSTEM.
The significance of an invoice approval
INVOICE APPROVAL IS A FULL APPROVAL OF ALL THE KEY ELEMENTS OF AN INVOICES
AN INVOICE APPROVAL IS THE VERIFICATION OF PURCHASES MADE AND OR WORK COMPLETED ON SITE.
AN INVOICE APPROVAL ALSO SUGGESTS THAT THE PURCHASE WAS AUTHORIZED, WITHIN BUDGET, AND IS GOING TO BE EXACT COST CODE AGREED UPON
AN INVOICE APPROVAL SUGGESTS GIVES ACCOUNTING DEPARTMENT A GREEN LIGHT ON PAYMENT. THERE SHOULD BE NO COMMENTS, ADDITIONAL INSTRUCTIONS OR ANY DOUBT. ONCE APPROVED, CONSTRUCTION SHOULD ASSUME IT IS PAID WITHOUT ANY FOLLOW UP.
AN INVOICE APPROVAL BECOMES PART OF THE PROJECT COSTS. IT IS RECORDED IN THE JOB COST REPORT AND WILL HAVE TO STAND BY REVIEW OF MULTIPLE STAKEHOLDERS, INTERNAL OR EXTERNAL.
Key elements of a progress claim.
HOLDBACK
PROGRESS SCHEDULE
SUBCONTRACT NUMBER
STATUTORY DECLARATION
WCB
INSURANCE CERTIFICATE (IF EXPIRED / OR NEW VENDOR )
Common challenges with invoice / progress claims
MISSING SUBCONTRACT / PO NUMBER
MISSING STATUTORY DECLARATION
MISSING WCB
PROGRESS CLAIM NOT CORRECT
HOLDBACK / TAX CALCULATION
Missing subcontract / PO number
ACCOUNTING IS NOT ABLE TO START DATA PROCESSING
