This course includes the information on the following processes.
Prepare Application for Payment
Submit Application for Payment
Handle Payments
Monitor Application for Payment Progress
The estimated time to complete this course is 5.5 hours.
This course was designed primarily for application consultants within Engineering and Project Management, or persons working related to Construction, Contracting Services, Infrastructure, Facilities Management, Asset Management, and Defense Contract Industries.
This chapter explains how to create an Application for Payment for a Sales Contract. It also describes how to enter valuations for contract line items, releasing retentions on the contract and retrieving cost and progress from the connected project.
Before taking the lessons in this chapter, you should have the basic knowledge of how to work with Sales Contracts in IFS Applications. An Application for Payment is created based on a sales contract.
The estimated time to complete this chapter is 1 hour.
This chapter was designed primarily for Engineers, Project managers or Quantity Surveyors who value contract completion to apply for a payment.
This chapter explains how to submit an approved Application for payment. Exercises cover how to set up Posting controls required to post submission transactions as well as how to create an invoice for the application for payment.
Before taking the lessons in this chapter, you should have basic knowledge about how to work with IFS Applications
The estimated time to complete this chapter is 50 minutes.
This chapter was designed primarily for Engineers or Project managers who is responsible for requesting payments from customers.
This chapter explains how to receive payment before an invoice is created and match the payments with the invoice afterwards. It also describes the certifying process and invoicing of the application for payment.
Before taking the lessons in this chapter, you should have basic knowledge about project invoicing and payment process of IFS Applications.
The estimated time to complete this chapter is 2 hours.
This chapter was designed primarily for Project managers who are responsible for updating certified application values, finance managers and employees working in a financial department with IFS/Payment as well as application consultants within IFS Financials.
This chapter explains how to extract information about applications. Describes different windows, tabs and queries that can be used to monitor progress of applications. It also describes how to trace financial transactions created from Applications and explains how to query for information in Hold table and General Ledger.
Before taking the lessons in this chapter, you should have basic knowledge about how to work with IFS Applications including Accounting Rules and General Ledger.
The estimated time to complete this chapter is 1 hour.
This chapter was designed primarily for contract managers, people who will be managing the execution process of Application for Payments. The financial progress monitoring will aid primarily the employees working in a financial department with IFS/Payment, IFS/Invoice and the application consultants within IFS Financials.