Creating progress payment request
To create progress payment request you must follow this process and use the relevant invoicing method and payment term specified for the contract line.
Invoicing
You must use the relevant invoicing method and payment term specified for the contract line. Invoicing may differ based on:
- Progress Payments invoices settled at agreed intervals, based on the progress of the contract.
- Progress payment invoices including the advance payments.
- Progress payment invoices settled with installments/delivery based invoices.
Note:
- When Progress Payment Requests are settled using Installments or Deliverables, a reverse entry is generated in Financials.
- LN registers revenues for the requests using the revenue of the type Progress Payment Request, in the Revenue Transactions (tpppc3505m000) session.
- When generating the balances for interim results, Progress Payment Requests are included to calculate the Billed to Customer amount.
- LN also allows the user to print a US specific invoice, Standard Form 1443 (SF1443) Contractors's Request for Progress Payment. To print both these standard forms, the Infor Operational Reporting functionality is required. The SF form 1443 must also specify the unsettled advance amount.
- Progress payment requests are posted using the existing Integration Document Type Project Revenue/Revenue Analysis.