To define a progress payment request

  1. Specify the contract.
  2. Select the Progress Payment check box to create the progress payment request for the contract.
  3. Specify the progress payment percentage. The percentage of cost for a contract that is considered for invoicing. The commonly used progress payment percentages range between 75-80%.
  4. Specify the progress liquidation percentage used for calculating the amount to settle the progress payment invoices.
  5. Specify the invoicing method.
  6. Specify the payment terms.
  7. Select the Billable Cost Report check box to print an additional report while creating the invoice.
  8. Create a contract line(s). See: Contract lines data setup. LN defaults the progress payment data defined for the contract, on the Progress Payment Requests tab.

    Note

    • Progress Payment %, Progress Liquidation %, Invoicing Method, Payment Terms, and Billable Cost Report fields are enabled only if the Progress Payment check box is selected on the Progress Payment Requests tab, in the Contract (tpctm1600m000).
    • LN allows two types of invoices on a contract line: Progress payment invoices and Installment or Delivery based invoices. An additional payment term is added to differentiate between installment/delivery based invoices and progress payment invoices.
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