g702 retention billing
This prevents users from downloading blank documents and distributing them. You have 365 days after the purchase date to edit or finalize the document. The eBook will teach you the basics of how to fill out an AIA draw – it even provides a sample or practice exercise where you actually complete the G-702/G-703 based on provided information. Make sure to save the new information before proceeding. second? ninth? It's calculated... Lien waivers and lien releases are completely different documents (even though they are often confused by the construction industry). This section is the real meat and potatoes of the AIA G702, where all the charges and deductions are calculated.

The AIA billing system is a standardized method of construction percentage of completion contract billing (IE: Progress Billing) developed by the American Institute of Architects (AIA) in 1992. Can A Contractor File A Mechanics Lien If They Didn’t Finish The Work? There’s a reason they are called applications. We’ll explain this section more a bit further down. It transfers data between the Forms. What Do I Do If I Miss a Preliminary Notice Deadline? Learn to use QuickBooks® in your construction business - QuickBooks® for Contractors Bookkeeping Tips & Training is part of the Sunburst Software Solutions, Inc. family of QuickBooks® related products and services. In fact, many projects may “request” AIA forms, but not require that the contractor pay for a new form from the AIA for each payment. Welcome | About | Privacy Policy | Contact Us. Sunburst Software Solutions, Inc. has been an Intuit Developer Network member since 2001; first as a Premier Member and then one of the first 13 developers to achieve Gold Developer status in 2006. Hello Terria When you complete a GC Bid contract, if you would like to submit your invoice retainage in the AIA format (G-702/G-703) instead of the standard Knowify invoice document, you can accomplish this by following the guide below: To begin, we will have created our contract normally, with this example reflecting 10% retainage: When creating the invoice, make sure the retainage is invoiced separately: Once the invoice has been verified and finalized, we can invoice the retainage on its own. The bottom, right-hand section is the Certificate for Payment. When your payment applications get screwed up – -bad things happen; none of which put you in “good standing” with the General Contractor or Project Owner, and can ultimately damage your  company’s overall cash position. Your contract should provide detail about the retainage percentage, which typically falls somewhere between 5% and 10 %.

Is Preliminary Notice Required In My State? Read... What Most Don’t Understand About California Lien Rights.

That number is the full amount of retainage that is withheld through the current application. Payroll, Bookkeeping & Accounting Task Checklist, VIDEO: How To Make Your QuickBooks Customer:Job List More Meaningful, Welcome to Learn to use QuickBooks in your construction business, eBook: Getting Equipment Costs into QuickBooks Job Costing Reports, Get 20% Off QuickBooks Pro Small Business Accounting Software + Free Shipping, Save 20% Off QuickBooks Premier Accounting Software + Free Shipping, Buy QuickBooks Enhanced Payroll and Save 20%, G-702 Contractors Application for Payment, forget about any basic accounting principals you’ve ever learned, ignore change orders that have been submitted or approved, but not processed, ignore money that is still outstanding from previously submitted applications for payment.

The AIA billing system is a standardized method of construction percentage of completion contract billing (IE: Progress Billing) developed by the American Institute of Architects (AIA) in 1992. 2.

Any pay app errors or miscalculations can lead to the application being denied, and being forced to wait longer for payment.

Balance to finish, including retainage, G702 Application & Certificate for Payment. I've worked with thousands of contractors, assisting them with QuickBooks setup, Certified Payroll Reporting requirements, AIA Billing and Weighted-Average Overtime.

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