A Payment Certificate is used to formally record and track payments against a Contract that has a Schedule of Rates. It provides a detailed breakdown of amounts claimed, amounts paid to date, and the remaining contract balance.
Key Concepts
This article explains the function, key features, and general workflow for Payment Certificates.
When to Use a Payment Certificate
You can raise a Payment Certificate for any Contract that already has a Schedule of Rates captured. It must contain all deliverables/milestones from the Schedule of Rates.
Prerequisites & Notes
Location: Payment Certificates can be added via the Schedule of Rates record or the Payment Certificates block on the Contract record.
Constraint: You can only raise a new Payment Certificate if all previous payment certificates have the status 'Approved'.
Features
The Payment Certificate provides the following automatic calculations and displays:
Claim Calculation: By entering the percentage of completion for a deliverable, the system automatically calculates the Claim Quantity and Claim Amount.
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Financial Summary: Displays key financial figures for the contract:
Contract Sum
Claimed to Date amount
Amount Payable for this Certificate
Contract Balance
Workflow & Status
Initiation: A new Payment Certificate is initiated in a 'Draft' status.
Approval: The certificate moves to an 'Approved' status through your organisation's defined approval process.
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Export: Once approved, you can download the payment certificate date from the Documents tab.
You can then download the certificate using the mail merge feature.
You can also export the Payment Certificate in a PDF format.