Project Progress Payments

Below the 'summation' area of the Job Cost Control worksheet is an area that helps you to calculate progress payment billings. It also gives you a prediction of the eventual 'bottom line' for the project, as calculated by the MacNail construction accounting software.

NOTE-- Goldenseal construction accounting software automatically calculates project progress payments, draw schedules and time & materials billing. Goldenseal was released in 2000, and replaces MacNail accounting.

The amount paid to date is posted from the Checkbook Ledger. Any deposits with the job's cost control code will be posted here.

NOTE: This portion of the Cost Control worksheet will be slightly different for firm bid, speculative, and cost plus work.

The contract total completed is calculated from the completion percentages that you type in.

You type in a retainagehold back percentage, if one is in use. For example, if your contract specifies a 10% 'hold back' or retainage, then type .1 into this cell.

The total amount due is calculated from the previous numbers. It tells you the amount for which you should be billing, when making requisitions or billing for progress payments.