How does Procore calculate the 'Current Payment Due' amount on an invoice?
Answer
When preparing an invoice to submit for payment, both the Commitments and Prime Contract tool provide users with the ability to create invoices. On the invoice, is an application for payment which shows the 'Current Amount Due' on for that billing period. There are two invoice types in Procore, an owner invoice and a subcontractor invoice. On both invoice types, Procore calculates the total in Line '8. Current Payment Due' by subtracting the amount in Line 7. 'Less Previous Certificates for Payment' from Line 6. 'Total Earned Less Retainage.'
Prime Contract Tool: Contractor's Application for Payment
When viewing an invoice for a Prime Contract, the Summary tab of an invoice includes the 'Contractor's Application for Payment' shown below.
Example
In the 'Contactor's Application for Payment' below, the 'Current Amount Due' is calculated as follows:
Line 6 minus Line 7 equals Line 8
$35,421.00 - $7,740.00 = $27,681.30
Commitments Tool: Summary Preview
When viewing an invoice for a subcontract or purchase order, the Summary Preview on the invoice includes the 'Subcontractor's Application for Payment' shown below.
Example
In the 'Subcontractor's Application for Payment' below, the 'Current Amount Due' is calculated as follows:
Line 6 minus Line 7 equals Line 8
$28,130.00 - $26,339.00 = $1,791.00
