Entering Item Valuations—Exercises

Required Data

Application For Payment

Purpose: The purpose of this exercise is to show you the required data that is used in the exercises below.

For creating an application for payment see the general exercise for Creating an Application For Payment

Main Exercise

Purpose: The purpose of these exercises is to show you how to enter valuation values for different items on an application for payment after work has been valuated as well as approving an application for payment.

Windows:
Application for Payment
Applications for Payment

Entering Item Valuation Values 

  1. Open the Application For Payment window and query for the application you created in the above exercise.

  2. Select the Item Valuation tab. Observe that all the lines and item lines with their valuations up to the last application that was created will be displayed. Note that only the items in the same currency as the Application for Payment currency will be shown.

  3. For each line item that needs to be valuated, modify or enter a value in the Valuation Value field in the items table. Note that the value is cumulative and that it should be set based on the valuation method. When adding stored material values, the stored material should not exist as a separate line item.

  4. If Cost Plus is used as the valuation method, enter values in the Project Cost Details window for each Project Cost Element. The total cost will then be summarized to the Project Cost field and the work value will be based on the Project Cost & the Actual Markups . You cannot enter a value in the Valuation Value field when the valuation method is Cost Plus.
  5. Save the information.
  6. Observe that rest of the fields in the row will be updated to reflect the new valuation.

Note: You can choose other valuation methods such as Quantity and Fixed Value. If valuation method is Progress, then valuation Value should be given as a percentage

Approving Application for Payment

  1. Open the Application For Payment window or the Applications For Payment window and query for the application which needs to be approved.
  2. If required check if the correct valuations have been entered.
  3. Right-click on the record, select Status and then click Start Approval if you have defined approval routings for the Application for Payment.
  4. Click Attachments panel. Click the Approval Process link and approve the steps in the approval routing.
  5. If you do not have any approval routings defined right-click on the record, select Status and then click Approve.
  6. The status of the application will be changed to Approved.