RAVE's Progress Payment Forecast Report

"Cash flow is King" for all construction companies.  Progress payments help companies recover a portion of their costs along a project's way, and are crucial to maintaining a steady cash flow. They can also help protect companies in the case of client nonpayment. RAVE's Progress Payment Forecast Report is a great way to see a snapshot of expected, paid, pending, requested, overdue and outstanding payments.

To view this report in RAVE, we go to FINANCIAL, then the PROGRESS PAYMENT REPORT sub-tab.

You will see two viewable options

• Progress payment list

• Progress payment forecast (this is the report we are discussing in this article)

Setting up a Forecast Report

• You have a large range of preset reporting date ranges to search by via the Show Only box (to the top left of the page) OR you can create a custom date range by editing the ‘from’ and ‘to’ date boxes.

• You also have the ability to include or exclude GST from the figures.
  
  Note: We auto select Including GST as this is how the progress payment page is currently laid out for you, and your client if you choose to share it with them, but you can Exclude GST, by unchecking the check box.

Progress Payment Snapshot/Summary Table

The first (top) table in the progress payment forecast gives you a snapshot of all of your active jobs, providing a total figure for the date range period, and an explanation of what that figure is made up from:

• Expected - The total value of all progress payments linked to a task in your schedules

• Paid - The total of all payments made (received) on those progress payments

• Pending - The total of all payments yet to be invoiced/requested (sent to the client)

• Requested - The total of all payments which have been invoiced, are not yet paid, and are not yet overdue

• Overdue - The total of all invoices where the due date has passed and they remain unpaid

• Outstanding - The total of all progress payments which have not yet been invoiced, and the scheduled dates have passed

Progress Payment Forecast - Project Overview 

The second (middle) table is the same information but is separated out PER project.  Looking down this table, you’ll see the project name/job number, contract value, project manager, signed contract value, and again the expected, paid, pending, requested overdue and outstanding amounts.  You can also export this report to a csv file via the Export button.

Progress Payment Forecast

The third (bottom) table shows all expected progress payment amounts that are linked to a task in a schedule - creating a forecast of when these payments are due. These are all visible per job and show month by month when each staged progress payment is due. There may be multiple payments due in one month for the same project that are at different levels of completion - these are noted as the figures in brackets. To display these, just click on the bracket number. It will show you the specific information for those payments and highlight the status each are in.

Note: We always prioritise the Outstanding or Overdue ones as those are where income is expected and hasn't been realised as yet.