Initial Exercises—Sub Contract Valuation

Initial Exercises

Purpose: The purpose of these initial exercise(s) is that the instructor will use them for demonstrating the basic functionality in Sub Contract Valuation, which entails:

IMPORTANT
These initial exercises are intended for instructor use.

If you are a student, it is extremely important that you set up and work within your own site to maintain your data integrity. If you work within any other site, you will compromise your own exercise data as well as the data of other students. Predictable exercise results require that your data be isolated in your own site.

Creating Sub Contract Valuation

Purpose: The purpose of this exercise is to introduce you to the basic functionality for creating a sub contract valuation. In this example, we will cover some aspects of valuating a sub contract used for building construction. The sub contract has already been awarded to a sub contractor.

Prerequisites: The Initial Exercises - Sub Contract Management lesson must have been completed except for the Closing Sub Contract exercise.

Windows:
Sub Contract
Sub Contract Valuation
Steps: To complete this exercise, perform the following steps.

  1. Open the Sub Contract window and query for the sub contract you created when performing the Initial Exercises - Sub Contract Management lesson.

Note: The data you entered when performing the Initial Exercises - Sub Contract Management lesson will be used in the following exercises so it is important that you use the same sub contract.

  1. Right-click on the header and click Create Valuation. The Sub Contract Valuation window opens.
  2. Save the record (F12).
  3. Observe how the sub contract valuation has received the sub contract values.
  4. Enter an application number in the Application No field, i.e., AFP-X, where X is a number of your choice. Save the record (F12).
  5. Go to the General tab and enter today's date in the Application Received Date field, then save (F12).

Entering Item Valuation

Purpose: The purpose of this exercise is to introduce you to the basic functionality for entering item valuation values on a sub contract valuation. Note: This exercise is based under the assumption that the full amount has been called off in the sub contract.

Prerequisites: The previous exercise must have been completed.

Windows:
Sub Contract Valuation /Item Valuation

Steps: To complete this exercise, perform the following steps.

  1. Open the Sub Contract Valuation window and query for your sub contract valuation.
  2. Click on the Item Valuation tab.
  3. Select the first row in the table and enter the following values for the respective item names in the lower table.
Item Name Valuation Value
Concrete 100
Pre boring 100
Load test 90
Structure 80
Backfill 100
Fill 100
  1. Save the record (F12).
  2. Select the second row in the table and enter the following values in the Valuation Value field for the respective item names in the lower table.
Item Name Valuation Value
Concrete 90
Masonry walls 100
Fill 100
Reinforce 75
  1. Save the record (F12).
  2. Observe the values in the Work Value and Total Value fields in the header of the tab and in the upper table.

Entering Item Application Values

Purpose: The purpose of this exercise is to introduce you to the basic functionality for entering item application values on a sub contract valuation.

Prerequisites: The previous exercise must have been completed.

Windows:
Sub Contract Valuation /Item Valuation

Steps: To complete this exercise, perform the following steps.

  1. Open the Sub Contract Valuation window and query for the valuation.
  2. Select the Item Level Certificate check box in the header.
  3. Save the record.
  4. Enter 1 in the Application No field.
  5. Click the Sub Contract Valuation/General tab, enter the current date in the Application Date and Application Received Date fields.
  6. Click on the Sub Contract Valuation/Item Valuation tab.
  7. Select the first row in the top table and enter the following values in the Application Work Value and Application Stored Material fields in the bottom table for the respective item names.
Item Name Application Work Value Application Stored Value
Concrete 10000  
Pre boring 7500  
Load test 10000  
Structure 45000 5000
Backfill 20000  
Fill 35000  
  1. Save the record. (F12)
  2. Select the second row in the top table and enter the following values in the Application Work Value and Application Stored Material fields in the bottom table for the respective item names.
Item Name Application Work Value Application Stored Value
Concrete 9000  
Masonry Walls 100000 20000
Fill 8500  
Reinforce 10000 7500
  1. Save the record. (F12)

Receiving Application

Purpose: The purpose of this exercise is to introduce you to the basic functionality for receiving an application for payment for the work done by the supplier or sub contractor.

Prerequisites: The previous exercise must have been completed.

Windows:
Sub Contract Valuation

Steps: To complete this exercise, perform the following steps.

  1. Open the Sub Contract Valuation window and query for the valuation.
  2. Right-click on the header and click Receive Application. The value in the Status field changes to Application Received.

Entering Item Certificate Values

Purpose: The purpose of this exercise is to introduce you to the basic functionality for entering item certification values on a sub contract valuation.

Prerequisites: The previous exercise must have been completed.

Windows:
Sub Contract Valuation /Item Valuation

Steps: To complete this exercise, perform the following steps.

  1. Open the Sub Contract Valuation window and click the Item Valuation tab.
  2. Select a line in the upper table and then select all the rows corresponding to that line in the lower table, right-click and click Copy Valuation to Certified.
  3. Save the record (F12).
  4. Repeat for each item in both sub contract lines.

Approving Certificate

Purpose: The purpose of this exercise is to introduce you to the basic functionality for approving the certificates for payment based on the certified values.

Prerequisites: The previous exercise must have been completed.

Windows:
Sub Contract Valuation

Steps: To complete this exercise, perform the following steps.

  1. Open the Sub Contract Valuation window right-click, point to Status and click Start Certificate Approval.

Certifying Valuation

Purpose: The purpose of this exercise is to introduce you to the basic functionality for certifying the sub contract valuation.

Prerequisites: The previous exercise must have been completed.

Windows:
Sub Contract Valuation

Steps: To complete this exercise, perform the following steps.

  1. Open the Sub Contract Valuation window right-click, point to Status and click Certify.
  2. Click OK in the dialog box that is opened.

Printing Certificate

Purpose: The purpose of this exercise is to introduce you to the basic functionality for printing a certificate.

Prerequisites: The Creating Sub Contract Valuation exercise must have been completed.

Windows:
Sub Contract Valuation

Steps: To complete this exercise, perform the following steps.

  1. Open the Sub Contract Valuation window right-click and click Print Certificate.
  2. Click OK in the Order Report dialog box.
  3. Select the correct printer settings and click OK.

Match Invoice with Sub Contract Certificates

Purpose: The purpose of this exercise is to introduce you to the basic functionality for matching an invoice with the sub contract certificates.

Prerequisites: The Certifying Valuation exercise must have been completed

Windows:
Manual Supplier Invoice

Steps: To complete this exercise, perform the following steps.

  1. Open the Manual Supplier Invoice window.
  2. The title of the window has the company that you are working on. Check if it is the same company that is on the sub contract. If not, right-click, click Change Company and select the company and click OK.
  3. Create a new record. (F5)
  4. Enter XX001 (where XX are your initials) in the second  Invoice ID field.
  5. Use the List of Values to select the sub contract that you are working on in the Sub Contract Ref field.
  6. Select a value in the Authorizer field.

Note: Values to be selected here should first be defined in the Invoice Payment Authorizers window.

  1. Select the values in the table for the corresponding fields.
Supplier ID Company Currency

5000

10

USD
  1. Enter the total certified amount from the sub contract in the Gross Amount field on the invoice.
  2. Save the record. (F12)
  3. Go to the Line Information part of the window and select the record, then right-click then click Match Certificates per Line. The Post from Sub Contract dialog box is opened.
  4. Select the Matched check box in the first line of the table.
  5. Click OK.

Create Manual Supplier Payment

Purpose: The purpose of this exercise is to introduce you to the basic functionality for creating a supplier payment for a sub contract.

Prerequisites: The Match Invoice with Sub Contract Certificates exercise must have been completed.

Windows:
Supplier Payment

Steps: To complete this exercise, perform the following steps.

  1. Open the Supplier Payment window.
  2. The title of the window has the company that you are working on. Check if it is the same company that is on the sub contract. If not, right-click, click Change Company and select the company and click OK.
  3. Create a new supplier payment (F5), and enter a value in the Cash Account field using List of Values .
  4. On the General tab, enter the matched supplier invoice amount (from the previous exercise) in the Pay Amount in Paym Currency field. Save the record (F12).
  5. Go to the Transactions tab, and right-click and click Select Batch. The Select Batch of Invoices dialog box is opened.
  6. Populate the dialog box and select the matched invoice, then click OK.