Revenue and cost timing

In the Revenue and Cost Timing table, you can define a default retainage percentage and set the reoccurrence payment period at the cost category level for the following:

Retention percentage

Tax percentage

Payment timing - The Payment timing provides the following options:

Same period
Next period
End of project
Set custom reoccurrence – When selected, the Next months column activates to set a customized reoccurrence.
Subcontract Retention released
Client Retention released

The default retainage percentage is held back from each bill on the pay items. Pay item retainage creates an incentive for contractors to complete contracted work on a project. Typically, contractors do not get paid the total amount of money until all work or a set milestone is completed. With pay item retention, an agreed upon retainage percentage is held back by the owner for each bill by the client until the owner agrees to release the retention.

You can set the average calendar days elapsed from the billing collection, in addition to setting the end of project date to any of the following options in the End of project date drop-down list.

Project end date

Forecast completion date

Contract completion date

Certificate of substantial completion (expected)

When changing the Default Billing retainage percent, a dialog box shows where you can choose to either update all existing items on a project, update matching existing pay items, or only apply to pay items created in the future.

InEight Change integration

When integrated with Change and approving contract adjustments from Change to Control, you enable the Enforce change order price values to match between Control and Change toggle to allow change order pay item values to match or not match the amount received from Change. This is ideal when pay items are being used in a contract adjustment.

When the Enforce change order price values to match between Control and Change toggle is switched OFF, pay item amounts are not required to equal the amounts from Change to approve contract adjustments from Change.

When switched ON, Net contract changes for pay items must equal current price from the received change order.