Freebie Friday! The work week is just about over (for some of us, that is).
This week’s item is a fee-based AIA (G-702/G-703) Billing Training exercise.
Have you ever been asked to complete a G-702 and G-703 billing form and don’t know where to even start? If so, than this training exercise is just what the doctor ordered!
Most anyone will tell you that completing the AIA G-702 and G-703 forms by hand is frustrating and difficult. To fill out one correctly, you pretty much have to:
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
You need to realize that the payment applications that you submit are an important piece of your overall cash flow management. 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.
The point is – you have NO choice except to learn how to fill out the AIA forms correctly!
IMPORTANT NOTE: To avoid confusion the instructions contained in this articles are instructions for MANUALLY completing an AIA Billing form and HAVE NOTHING TO DO WITH THE USE OF OUR AIA BILLING SOFTWARE.
P.S. If you’d like to automate your AIA Billing task AND you use QuickBooks; click the green “Free 30 day trial” button on the left menu. Take our Construction Application for Payment Solution (CAPS) program for a test drive — it sure the heck beats filling these out by hand!
