What is the best way to handle progress payments on a purchase order in CoConstruct?

What is the best way to handle progress payments on a purchase order in CoConstruct?

Kevin Fitzpatrick

CoConstruct's purchase orders are built around a standard flow of acceptance, work completion and billing, verification that the work is ready to be paid, and payment.

When you receive a bill for a partial amount of the purchase order, you'll be able to record those individual bills and associated amounts under the "Bill" section of the PO along with corresponding payments.  

This will help to clearly delineate the scope and requirements of each deliverable, and takes the guesswork out of when you will be paying which amounts on the purchase order.

If you're not linking with QuickBooks

You can manually denote bills and payments within CoConstruct on your purchase orders, and you can enter each incremental payment individually along with an internal comment for your team.

Each bill entered will have a corresponding bill number, specified line items or percentages that need to paid and can independently be marked "Ready to Pay" so that your bookkeeper or office administrator is clear on what needs to be paid and what is being paid for.

In a similar fashion, they can then record the payments being made against those bills under the "Payments" section of the purchase order to track when those bills are being settled.  Once the full amount of the purchase order has been entered as "Billed", "Ready to Pay", or "Paid", you'll see the status of the PO as a whole update accordingly.

If you're linking with QuickBooks

When you receive a bill against a particular purchase order, you'll enter that under the Bills section of the PO with the bill number, date and specified amount of what has been billed at this stage.  Each bill entered against a PO can be independently marked as "Ready to Pay".  Once the bill is marked as Ready to Pay, a corresponding bill will be sent to your QuickBooks file to alert your bookkeeper or admin.

If you're sending bills to QuickBooks from CoConstruct, you won't see the option to manually record Payments on the purchase order.  Once the corresponding bill has been paid in QuickBooks, that bill's status will automatically be updated to "Paid" the next time you sync.

Once the full amount of the purchase order has been entered as "Billed", "Ready to Pay", or "Paid", you'll see the status of the PO as a whole update accordingly.