What is the Payment Application on AP?

The payment application contains all information needed to confirm that a certain amount of work has been completed. The overall contract dictates what amounts of work are due payment, and each individual application  confirms when a completed amount of work is due for payment.

Separate payment application records to capture the original amount of the contract, the total value of work completed to date, the current payment application, the total amount of previous payments made, and the balance remaining.

This will perform real-time, multi-dimensional modeling of the Subcontract process. The RW Payment application on AP is intended to provide a single subcontracting solution for contractors such as residential and commercial builders and Land and Real Estate Developers. This Extension also allows for moderate customization to your business needs.

Key Benefits of The Payment Application

• Fully automated all of the paperwork involved in the subcontract payment application process.
• Ease of managing complex subcontract billing and completion-based payments process.
• One solution to manage and visualize all aspects of your business (from purchase contracts to billing and payments).
• Separate subtabs are needed for advance and retention values on the subcontract record level.
• Automated Advance bill creation with VAT compliance. Separate records for each payment completion to process the billing and payments.
• Real-time status of total work completion and payments made and balance remaining.
• Real-time adjustment for vendor advances and Input VAT for each payment billing with automated GL impacts.
• Automate holding of retention process for each billing.
• Simplified processes for subcontracting and financial-based reporting.
• Flexible Advanced workflow levels for each payment completion.

Reachware

Reachware is an integration platform in which many individual subsystems are combined into a single, larger system allowing the subsystems to work together. Reachware allows any SaaS systems such as NetSuite, Revel, Vend, Xero, Magento, Zed, Qoyod, Shiji PMS, or any other product to achieve the overall functionality required by the organization.

In most organizations there is a need to improve the efficiency and thus the productivity and quality of their operations, so their goal is usually to get the different applications and systems to communicate with each other to avoid the time and effort involved in manually operation with other systems of the organization. With Reachware, organization will see increased information flow speeds and higher process automation as well as lower operating costs.