8. Contractor payments

Reviewing contractor claims and interim payment certificates

An interim payment certificate records the review of a contractor's claim before approval, vendor billing, and payment. Certification can reduce or otherwise change the amount claimed.

Navigation: Launch page > Contractor payments > Payments workspace > payment certificate.

Workspace overview

NetSuite Real Estate contractor payment certificates populated workspace — **Contractor payment certificates.** Compare payment certificates by contract, vendor, period, certification status, work value, cumulative value, and retention. The demonstration register distinguishes a certificate awaiting consultant certification from paid certificates.

Before you begin

Confirm the contract, claim period, measurement basis, previous certified progress, current measurement evidence, retention terms, advance recovery, and approved deductions.

NetSuite Real Estate — The populated certificate identifies the contractor, period, current certification stage, and 1 of 6 completed steps. — The populated certificate identifies the contractor, period, current certification stage, and 1 of 6 completed steps. Click the image for full size.

Procedure

Open the certificate and verify the contractor, contract, period, and current stage.
Review the contractor claim and compare claimed progress with previously certified progress for each bill-of-quantities line.
Review consultant-certified quantities or percentages, supporting remarks, and differences from the claim. Reconcile current-period and cumulative certified amounts.
Check retention, advance recovery, and other deductions using the applicable contract terms and calculation bases.
Follow the certificate through milestone review and approval. Verify the vendor bill created or linked by the process before payment.
After payment, reconcile the contract's certified, retained, advance, and net-paid balances.

Result

Only the reviewed and approved payment basis advances to billing and payment.

Important

The illustrated certificate is still in consultant certification. Its headline claim values differ from the detailed certified values. Do not treat Current Payment Due in an unfinished claim as the final approved vendor bill.

Certification example

For a line valued at 281.2 million, previous progress of 38 percent and certified progress of 45 percent produce a current certified value of 19.684 million. A claim of 48 percent would produce a higher amount. Use the certified basis and approved deductions when reconciling the payable value.