amount based data entry

Data entry on the first Amount-Based invoice

For the contract's first invoice, the value in the New Materials Stored column is always set to $0.00 by default. Since the subcontractor received materials on-site during this billing period, the invoice contact enters $2,000.00 in the New Materials Stored column (see 1). This represents the currency amount of the materials received. Once input, Procore automatically updates these values on the line item (see 2):

• Total Completed & Stored to Date (%). Procore converts the entry to a percentage value (16%) to show total progress.
• Materials Presently Stored. Procore updates this column with the amount in the New Materials Stored column ($2,000.00).
• Total Completed & Stored Date ($). Procore adds the $2,000.00 entry to this column (see 2). Note: This column shows the cumulative total of the values in the Work Completed This Period, New Materials Stored, and Materials Presently Stored column. 
• Balance to Finish. This column is only visible to invoice administrator(s). Procore takes the Scheduled Value amount and subtracts the New Materials Stored amount to calculate the balance to finish). Note: In subsequent invoices, this column shows the cumulative decline from the contracted amount for the line item. 

Data entry on the Second Amount-Based invoice

For the next billing period, the invoice contact prepares their second invoice. In all new invoices, the New Materials Stored column is always set to $0.00 by default (see 1). However, Procore automatically moves the value from the New Materials Stored column on the previous invoice to the Previous Materials Stored column on the current invoice (see 1 to 2). Before making additional data entry, note that the highlighted values (see 3) match the first invoice (above). 

Next, perform some additional data entry on the line item.

For this entry, the subcontractor received an additional $2,500.00 in new materials that are now stored on the job site (or in a storage facility). The invoice contact enters $2,500.00 in the New Materials Stored column (see 1). After the entry, Procore automatically updates these values (see 2). 

• Total Completed & Stored to Date (%). Procore updates this value from 16% to 36%. 
• Materials Presently Stored. Procore updates this value from $2,000.00 to $4,500.00.
• Total Completed & Stored to Date ($). Procore updates this value from $2,000.00 to $4,500.00.
• Balance to Finish. Procore subtracts the sum of the 'New Materials Stored' value and the 'Previous Material Stored' amount from the 'Scheduled Value' amount. This shows the cumulative decline of the contracted amount. 
  Note: The Work Completed from Previous Application (%) value remains unchanged (see 3).
  
  

Next, half of the new materials stored on the first invoice were installed on the job site during the current billing period. To address this, the invoice contact takes $1,000.00 from the Previous Materials Stored column (see 1) and moves that $1,000.00 to the Work Completed this Period column (see 2). 

Data entry on the third Amount-Based invoice

For the next billing period, the subcontractor receives additional materials, the previously stored materials have been installed. The invoice contact creates their third invoice.

On the third invoice:

• Procore moves the amount from the New Materials Stored column on the second invoice and adds it to the amount in Previous Materials Stored column (see 1). 
  
  
   
• The invoice contact takes $3,000.00 from the Previous Materials Stored column on the second invoice and moves it to the Work Completed This Period column (see 1) This leaves $500.00 in the Previous Materials Stored column (see 2). 
  
  
   
• The invoice contact also enters $2,000.00 in the New Materials Stored column (see 1). This represents the new materials received during the current billing period that are now being stored. Procore adds the Materials Presently Stored value to the Previous Materials Stored value (see 2) to calculate the Materials Presently Stored value (see 3). 
  
  
   
• Procore also automatically updates the following values on the line item:
  • Total Completed & Stored to Date (%).  Procore calculates the value at 52%.
  • Total Completed & Stored to Date ($). Procore calculates the value at $6,500.00
  • Balance to Finish. Procore subtracts the sum of the 'New Materials Stored' value and the 'Previous Material Stored' amount from the 'Scheduled Value' amount. This shows the cumulative decline of the contracted amount. 

You can continue creating invoices and entering new line item entries until the Balance to Finish value on a line item reaches $0.00.