Progress Billing Software for Construction Management

Progress billing software is a game-changer for construction management, allowing contractors to track and manage their projects with ease. By automating the process of sending invoices and tracking payments, contractors can reduce the risk of delayed payments and improve cash flow.

In the construction industry, accuracy and transparency are key. That's why progress billing software is designed to provide real-time updates on project progress, enabling contractors to create accurate and timely invoices. This helps to build trust with clients and reduces the risk of disputes.

Progress billing software can also help contractors to better manage their finances, by providing a clear picture of their project costs and revenues. This can be especially helpful for smaller contractors, who may not have the resources to hire a full-time accountant.

By streamlining the billing process, contractors can focus on what they do best: delivering high-quality construction projects to their clients. With progress billing software, they can do just that, while also improving their bottom line.

A different take: Time Tracking and Billing Software

BigTime is a professional system that includes everything you need for accurate, timely progress billing accounting.

With BigTime, you can budget for your projects, track expenses, and issue invoices based on work completed.

This comprehensive system also offers project management, financial reporting, and user-friendly workflows.

If you're looking for software options that can handle progress billing, here are six top contenders. BigTime is a professional system that includes everything you need for accurate, timely progress billing accounting.

It allows you to budget for your projects, track expenses, and issue invoices based on work completed. This software is a great choice for those who need a comprehensive solution.

Xero is another popular option that lets you create and send progress invoices within its accounting software. It's particularly useful for one-off jobs, but it also allows you to combine multiple jobs for the same client in a single invoice.

Progressus offers billing method options, including Fixed Price, T&M (Time & Materials), and Percent Complete. You can define billing methods for each Project or even at the Task level.

Here's an interesting read: Crm Accounting and Billing Software

Here are some key features of Progressus:

You can create change orders automatically for any master job and assign extra work orders as needed. This makes it easy to manage complex projects with multiple billing methods.

The ability to handle multiple billing methods in the same contract is a major advantage of Progressus. You can set up billing contract lines for the same job with different billing methods, such as % or units or lump sum.

Ribbon options can make or break your software experience.

Some software programs offer a customizable ribbon, allowing you to rearrange and add or remove tabs to suit your workflow.

The ribbon can be docked at the top or bottom of the screen, or even floated on top of other windows.

In some cases, the ribbon can be collapsed or minimized to free up space on the screen.

I've found that a well-designed ribbon can greatly improve productivity by keeping frequently used tools within easy reach.

For example, Microsoft Office allows you to personalize the ribbon with your most-used commands, making it easier to get work done.

However, some users may prefer a more minimalist approach and opt for a ribbon-free interface.

Suggestion: Time Billing Software Free

Time and Material Billing is a crucial aspect of progress billing software, and ProjectPro makes it easy to manage. You can create job price rates for labor and equipment by resource group or individual rates, if necessary.

ProjectPro allows you to track markup % for materials, subcontract, and other cost categories that you have contracted with your customer. This helps you maintain accurate records and ensure timely payments.

To set up time and material billings, you can establish markup percentages by G/L Accounts, Resources, Items, and Cost Categories. This drives a wide range of options that can help transfer posted labor costs and vendor purchases into quick Work Order or directly to Job Sales Invoices.

Here are the key options for setting up time and material billings:

BQE Core is a cloud-based project management and billing software designed by industry experts. It takes the guesswork out of tracking time and expenses, and managing projects from a central dashboard.

You can issue progress invoices by percentage owed with BQE Core. This feature is a game-changer for businesses that need to keep their clients up-to-date on project progress.

The software allows you to track time and expenses, which is essential for accurate time and material billing. This feature helps you stay on top of project costs and ensures that you're billing your clients correctly.

By using BQE Core, you can access your project management and billing tools on the go. This cloud-based software gives you the flexibility to work from anywhere and stay connected with your team and clients.

One of the key benefits of BQE Core is its ability to provide a clear summary of project progress. You can issue progress invoices by percentage owed, which helps you stay on track and ensures that you're billing your clients accurately.

BQE Core is a powerful tool for businesses that need to manage complex projects and track time and expenses accurately. It's a great option for businesses that want to streamline their project management and billing processes.

Here's an interesting read: Gst Billing Software with Inventory Management

Setting up time and material billing with rate tables and markups is a crucial step in streamlining your construction accounting process.

You can easily set up time and material billings with rate tables and markups in ProjectPro, allowing each job to be set up with billing rates for Labor and Equipment, and all cost categories such as Materials, Subcontractors, Rentals, etc. can have their own "Markup %".

This means you can establish markup percentages by G/L Accounts, Resources, Items, and Cost Categories to drive a wide range of options that can help transfer posted labor costs and vendor purchases into quick Work Order or directly to Job Sales Invoices.

You may also set your markup to be based on the "General Ledger Account" used in your accounting software for construction firms.

ProjectPro enables users to bill their customers based on the progress of the project, and these billings consist of "Contract" planning or schedule value lines that decide billing arrangements.

Take a look at this: Books Accounting Software

Here's a breakdown of the different cost categories that can have their own markup percentage:

Each of these cost categories can be set up with its own markup percentage, allowing you to customize your billing rates to suit your business needs.

By setting up time and material billings with rate tables and markups, you can ensure that your invoices are accurate and up-to-date, and that you're getting paid for the work you've done.

This can be done by following these steps:

1. Navigate to the Project Card

2. Go to the Invoicing Fast Tab

3. Select the Resource, Item, or Expense that you want to set up with a rate table and markup

4. Set the rate table and markup percentage for each cost category

5. Save your changes

With ProjectPro, you can easily set up time and material billings with rate tables and markups, and start streamlining your construction accounting process today.

Progress billing software can handle partial payments and deposits, making it easy to manage client payments. This feature is a game-changer for businesses that work on projects with multiple payments.

Automated invoice creation and tracking are also key features of most progress billing software programs. This means you can focus on the work at hand, knowing that your invoices are accurate and up-to-date.

Progress billing software often includes a progress billing accounting feature to calculate percentages, which helps you stay on top of project costs and billing. This feature is especially useful for businesses that work on projects with varying payment structures.

Here are some common features you can expect to find in progress billing software:

Some progress billing software, like ProjectPro, even allows you to work on billing types such as percentage, unit, or lump sum (L/S) through transaction lines that are either G/L Accounts, Items, or Resources.

Progress billing software typically includes features that make it easy to manage your projects and get paid. One of the key features is the ability to handle partial payments and deposits.

Automated invoice creation and tracking is another essential feature that saves you time and reduces errors. This feature ensures that you never miss a payment or forget to send an invoice.

A progress billing accounting feature is also crucial, as it allows you to calculate percentages and keep track of your project's progress. This feature helps you stay on top of your finances and make informed decisions about your projects.

Tools to create and manage contracts are also included in most progress billing software programs. These tools help you establish clear terms and conditions for your projects and ensure that you're protected in case of disputes.

Here are some of the key features of progress billing software at a glance:

ProjectPro offers a range of features and functionality to streamline your billing process.

You can create AIA billings based on material and job calculations, using generic progress billing by schedule of value or AIA G702 and G703 documents.

Here's an interesting read: Aia Billing Software Quickbooks

Automated invoice creation and tracking are key features of progress billing software, making it easier to manage your billing process.

ProjectPro allows you to easily set up time and material billings with rate tables and markups, giving you more control over your billing.

The software also enables you to process invoices to related customer accounts and master jobs, making it easy to manage change orders and extra work.

Here are some key features included with most progress billing software:

ProjectPro also offers transparency in billing, with clear and accurate invoices that reflect the exact scope of completed work.

The software calculates the Percent Complete by Project or Task, and generates a preview invoice and final invoice from the Percent Complete Billing page.

You can access the Percent Complete Billing page from the Role Center, and use filters to specify one Project and review Percent Complete billings for all Projects.

Construction Management is all about keeping track of your project's expenses. The progress billing feature can help you manage bills based on unit consumption or lump sum contracts.

To bill your customers accurately, you'll need to plan out your contract and schedule value lines, which will decide your billing arrangements. This planning is crucial to ensure you're billing correctly.

With the right software, you can easily manage project billings and keep your expenses in order.

ProjectPro is a Construction Accounting Software that enables users to bill their customers based on the progress of the project, making it easier to track expenses.

The progress billing feature can help you manage bills based on unit consumption or lump sum contracts, allowing for more accurate tracking of expenses.

This feature is especially useful for managing complex billing for construction projects, which can be a headache without the right tools.

With a construction progress billing software like Siteline, you can rapidly generate pay apps by automating custom form population and calculations, reducing time to payment by eliminating manual data entry and minimizing errors.

You can also set reminders for progress payment schedules to ensure deadlines are met, and synchronize field and back office teams with real-time A/R data, enhancing collaboration to streamline pay app generation.

Here are some key benefits of using a construction progress billing software:

By using a software like Accountium, you can seamlessly integrate financial management and project progress, making it easier to track expenses and monitor work orders.

Accountium's Progress Billing Software is a game-changer for construction companies, allowing you to create, track, and manage progress invoices with ease.

With Accountium, you can also customize billing milestones, payment terms, and formats to align with your specific needs, eliminating manual data entry errors and ensuring accuracy.

By integrating project progress with financial transactions, you can provide real-time data accuracy, ensuring that your financial records are always up-to-date.

Milestones are a crucial part of construction management, allowing you to set up predetermined amounts to invoice the project for when certain tasks are completed.

You can tie milestones to specific tasks, which can then be manually set to the status of finished once completed. This triggers payment to be posted and generates an invoice.

Setting up milestones can also prevent scheduled billing from being created if the status isn't completed. This ensures that you only get paid for work that's actually been done.

With fixed price billing, milestones can be tied to project milestones or tasks, making it easier to track progress and generate invoices.

Completing a milestone is a crucial step in the construction management process. A milestone is a specific point in a project that marks a significant event or completion of a task. To finish a milestone, you need to navigate to the project actions and select the milestone you want to finish.

To finish a milestone, select the finished checkbox on the milestone you wish to complete. This will update the milestone status and allow you to generate an invoice for the associated task. The system will also update the finished date and finished by fields with the current date and user who completed the milestone.

Here's a step-by-step guide to finishing a milestone:

After finishing a milestone, you can generate an invoice for the associated task. This will help you track your expenses and ensure that you're getting paid for the work you've completed.

Progress billing software can be a game-changer for freelancers and small businesses, but it's not without its challenges.

One major challenge is managing cash flow, which can be particularly difficult for those who work on long-term projects.

To overcome this, many users of progress billing software rely on automated invoicing and payment tracking features to ensure timely payments.

Another challenge is accurately tracking time and expenses, which can be time-consuming and prone to errors.

By implementing a robust time-tracking system, users can minimize these issues and focus on delivering high-quality work.

This is especially important for those who work on projects with tight deadlines or have multiple clients with different billing requirements.

Rejected pay applications can be a major headache, especially when they're rejected just hours before the deadline. This often happens when the math is off, the wrong form is used, or supporting documents are missing.

Payment applications must be flawless to avoid rejection, and even small mistakes can cause a lot of stress. One of the biggest issues is that compliance requirements can expire, leading to rejection.

The frantic race against the clock to rectify issues and resubmit the invoice can be overwhelming, and payment delays can have serious consequences. This is why it's essential to double-check applications before submitting them.

Breakdowns in communication between the back office and field teams can also lead to rejected pay applications. This is often due to a disjointed and outdated process that results in miscommunication and lost information.

You lack visibility into your projects' billing health because payment apps, invoice statuses, team communications, and GC submission channels exist across disconnected systems and spreadsheets.

This fragmented approach means you never have a clear, real-time picture of completed work, pending payments, missed deadlines, or remaining contract values.

You can't monitor billing health accurately, forecast cash flow, or quickly spot issues before they become costly problems.

The lack of visibility into your projects' billing health can lead to missed deadlines and costly problems.

Setting up time and material billings is a breeze with this software. You can easily set up billing rates for Labor and Equipment, as well as markups for various cost categories like Materials, Subcontractors, Rentals, and more.

You can even set your markup to be based on the General Ledger Account used in the accounting software for construction firms. This level of customization is a game-changer for businesses with complex billing needs.

To process invoices for change orders or extra work orders, ProjectPro enables you to bill different customers while still keeping all billings for analysis and profitability in the master job. This feature is a huge time-saver for businesses that need to manage multiple invoices and customers.

The Invoice Setup Template is a crucial setting that defines the format of your sales and project invoices. It's essential to set this up on each project, as it will allow you to get project ledger entries for sales invoicing. You can set it up manually, create it from a template, or import one.

Here are the key settings to consider when setting up your Invoice Setup Template:

To set up a project with Percent Complete billing, you'll need to select the Resource Invoice Type, Item Invoice Type, and Expense Invoice Type as Percent Complete. You can do this when creating a project or editing the project card or task card in the Invoicing FastTab.

Setting up an Invoice Setup Template is a crucial step in configuring your accounting software. This template defines the format of your sales and project invoices, including the content displayed on the invoice when printed.

The Invoice Setup Template can be set up manually by entering invoice setup lines, created from a template, or imported from an existing template. This setup is required for each project that is invoiced.

A key benefit of setting up an Invoice Setup Template is that it allows you to define a fixed heading or text between invoice lines using the "Heading" type. This can be particularly useful for adding custom information to your invoices.

Here are the different types of billing records that can be included in the Invoice Setup Template:

By setting up an Invoice Setup Template, you can ensure that your invoices are formatted correctly and include all the necessary information.

Setting up your project with the right billing options is crucial for accurate invoicing and profitability analysis. You can easily set up time and material billings with rate tables and markups.

To set up time and material billings, you can specify billing rates for Labor and Equipment, and markups for various cost categories such as Materials, Subcontractors, Rentals, etc. You can also set your markup to be based on the General Ledger Account used in your accounting software.

You can also set up Scheduled Billings, which allows you to create a unique Code for each Scheduled Billing cycle and select the Payment Type - either Task or Proforma.

To set up Scheduled Billings, follow these steps:

You can also set up Percent Complete billing, which allows you to bill a project based on the percentage of completion. To set up Percent Complete billing, select the Resource Invoice Type, and/or Item Invoice Type and/or Expense Invoice Type as Percent Complete.

Here are the options you can configure for Percent Complete billing:

Finally, you can set up the Hour Banks feature, which allows you to track and manage prepaid hours. To set up Hour Banks, navigate to the Role Center and select Actions > Setup > Project Setup > Project Setup, and then expand the Hour Bank FastTab.

The system calculates the Percent Complete by Project or Task, giving you a clear picture of your progress.

This feature allows you to sum up entries by Resource, Items, and Expenses, providing a comprehensive view of your project's financial status.

The Percent Complete preview invoice and final invoice can be generated from the Percent Complete Billing page, found on the Role Center > Processing > Billing > Percent Complete Billing.

To calculate the Percent Complete, the system sums up entries by Resource, Items, and Expenses. This information is displayed on the Role Center > Processing > Billing > Percent Complete Billing page.

The system generates a preview invoice and final invoice from this page, allowing you to review and adjust the Percent Complete billing amounts. You can access this page by navigating to Role Center > Processing > Billing > Percent Complete Billing.

The Percent Complete Billing page also allows you to filter by Project, so you can review billings for all projects or a specific project. You can also use the Projects List to select a project and then navigate to Billing > Percent Complete Billing.

To get started with Percent Complete billing, check out the Training Videos - Percent Complete, which includes two parts: an overview, setup, and configuration, and calculating and printing Percent Complete invoices.

Calculations and Reporting are crucial for any project, and one of the most important aspects is understanding the statistics. The Project Statistics page provides a clear overview of costs and invoices, making it easier to track expenses and stay on top of finances.

The page includes a comparison between Usage Cost, Budget Cost, and Balance Remaining, giving you a comprehensive view of your project's financial situation. This is especially useful for identifying areas where costs may be exceeding budget.

To get an accurate picture of your project's costs, the Project Statistics page breaks down costs into four categories: Resource Usage Cost, Item Usage Cost, Expense Usage Cost, and Total Usage Cost. Each of these categories provides a summary amount for usage and budget transactions.

The page also includes a summary of approved and unapproved amounts, which is essential for ensuring that all costs are accounted for and that any discrepancies are addressed promptly. This is where the Approved and Not Approved Amounts come into play, providing a clear picture of the amounts that have been approved or rejected.

Here's a breakdown of the key statistics you'll find on the Project Statistics page:

By having a clear understanding of these statistics, you'll be able to make informed decisions about your project's finances and ensure that everything runs smoothly.

Calculating sales retention is a crucial step in ensuring customer satisfaction and financial accuracy. You can calculate sales retention as a percentage of a sales invoice transaction line that the customer may withhold from their payment.

To specify sales retention, head to the Customer page > Invoicing FastTab > Project Retention %. This is where you can set a default retention percentage for all customers.

You can also add a retention percentage on the fly during sales invoice creation by specifying a value in the Retention % field on each line on the sales invoice.

To create sales retention on a sales invoice, follow these steps:

This process helps you keep track of the retained amount and ensures that it's accurately reflected in your financial reports.

You can generate one invoice that includes data from all linked Projects by initiating the process from the Contracts > Contracts > BillingCreate Invoice menu.

The Contract Invoice Setup Template must be completed before creating a Contract Invoice, and you can find more information on this in the Invoice Setup Templates for Projects and Contracts section.

If you prefer, you can also generate invoices for each Project linked to the Contract separately, using the normal Project invoicing page.

Seamless financial integration is a key feature of progress billing software, allowing you to synchronize project data with financial records and generate comprehensive reports.

This integration eliminates discrepancies and delays, ensuring that your billing information is always up-to-date.

As one construction manager noted, seamless integration with the accounting system has made a significant impact on their efficiency, allowing them to easily create, track, and manage progress invoices.

Seamless financial integration is the key to streamlining your invoicing and payment processes. It allows you to generate comprehensive reports that provide a holistic view of project profitability, cash flow, and financial health.

This integration means that your billing information is always up-to-date, eliminating discrepancies and delays. It's a game-changer for businesses that want to maximize productivity and efficiency.

With seamless financial integration, you can synchronize project data with financial records, providing real-time data accuracy. This ensures that your financial records are always up-to-date, reflecting the latest project progress and billing information.

Here's how it works:

These fields enable you to track and manage your transactions, ensuring that you only bill for what's been completed and that your financial records are accurate. By using these features, you can take control of your invoicing and payment processes, making it easier to manage your finances and grow your business.

Invoicing and Payments is a crucial part of any business, and it's essential to understand the different types of invoicing and how they work.

Retention Invoicing allows you to bill customers for amounts withheld from their original Sales Invoice. This can be accessed from the Role Center > Approvals & Activities > Retention Invoicing.

Expand your knowledge: Open Source Invoicing and Billing Software

To create a Retention Invoice, you need to select Create Invoice from the menu, review the information for accuracy, and then click Close. From there, you can view or post the Sales Invoice by clicking Show Document on the View - Created Sales Documents page.

There are two types of retention: Sales Retention and Subcontractor Retention. Sales Retention is covered in this article, while Subcontractor Retention can be set up separately.

To calculate Sales Retention, you can specify a percentage on the Customer page > Invoicing FastTab > Project Retention %. Alternatively, you can add a retention percentage on the fly during Sales Invoice creation by entering a value in the Retention % field on each line.

Here's a breakdown of the Sales Retention Lines on the Retention Invoicing page:

By understanding how Retention Invoicing works, you can ensure that you're billing customers correctly and efficiently.

Creating a Sales Credit Memo from a Posted Sales Invoice is a crucial step in managing your finances and keeping track of customer payments. You can do this by navigating to the Role Center > Invoicing > Sales Credit Memos.

To create a new Sales Credit Memo, click the New button from the menu, and enter the Customer No for the Sales Credit Memo. This will allow you to reverse the original order and create a credit for the customer.

The process involves several steps, which are outlined below:

This feature will copy one or more posted sales documents to reverse the original order. The Posted Sales Document lines page will then open, allowing you to filter the results and make any necessary adjustments.

Bank Valid is a crucial feature in our invoicing and payments system. It allows you to set up a list of valid projects for hour bank billing.

To add a project to the hour bank valid projects list, click the "New" button. This will open a new window where you can select the project(s) included in the banked hours and amount.

The "Project No." field is used to select the project(s) included in the banked hours and amount. You can click the ellipsis to select multiple projects.

The "Description" field specifies a short description of the project and defaults from the project card description field.

The "Use Hour Bank No. Default" field specifies whether to use the hour bank number field in timesheet entry. If true, the hour bank number field will be used.

Here's a list of the fields used in the hour bank valid projects setup:

Hour Banks can be linked to specific projects, allowing for pre-purchased blocks of time to be tracked and billed accordingly.

To associate an Hour Bank with a Contract, you'll need to link it to the projects that will be included in the Contract through the Related Information feature.

The Hour Bank Sales Invoice generated for a project will automatically include the Hour Bank Number, providing a clear connection between the two.

Handling multiple billing methods in a contract can be a bit tricky, but it's actually quite flexible. You can set up billing contract lines for the same job with different billing methods, such as percentage, units, or lump sum.

You can create change orders automatically for any master job and assign extra work orders as needed, all related to the master job. This makes it easy to manage complex projects with varying billing requirements.

The system can generate one invoice that includes data from all linked projects, which is convenient for contractors who work on multiple projects at once. This is initiated from the Contracts > Contracts > Billing menu.

Similar filter options are available as with the Create Project Invoices page, and the functionality is the same as invoicing from an individual project. However, if you use the normal Project invoicing page, each project linked to the contract will create its own invoice.

You can define billing methods for each project or even at the task level, with options including fixed price, time and materials, and percent complete. This gives contractors a lot of flexibility in how they bill their clients.

Here are some common billing methods and their characteristics:

This flexibility makes it easier for contractors to manage their finances and provide a better experience for their clients.

Missing a due date can be a costly mistake for your cash flow.

With every General Contractor (GC) enforcing its own billing schedule, it's nearly impossible to remember what's due and when.

Each project has unique due dates, making it hard to keep track of multiple deadlines.

You can easily miss a due date and lose out on a whole pay cycle.

When working with contracts, it's essential to keep track of the different addresses involved. You can set up Sell-To, Bill-To, and Ship-To addresses in your system, which can be updated automatically when you leave the form.

You can also set defaults for Bill-To and Ship-To addresses. This can save you time and reduce errors in your contract management.

To calculate the total percentage of a project's completion, you can use a formula that takes into account the progress of each task. The values in the PM Sales Invoice lines are updated after leaving the form.

For more complex invoicing scenarios, you may need to create Invoice Setup Templates for Project or Contract invoicing. This can help you streamline your invoicing process and ensure accuracy.

AIA compliant billing is a crucial aspect of construction projects, and it's essential to understand the basics. The American Institute of Architects (AIA) provides a set of standardized forms, including G702 and G703, which are used for progress billing.

To create AIA compliant billing, you can use the Progress Billing feature in your software. This feature allows you to enter details for a construction billing into the first request for payment. Subsequent requests for payment require only the maintenance of the line-item completion percentage, quantity completed, and stored material amount.

The software provides a range of billing options, including G/L Accounts, Items, and Resources. You can also choose from different billing types, such as percentage, unit, or lump sum.

Here are the different billing levels for Percent Complete billing:

To set up a project with Percent Complete billing, select the Resource Invoice Type, Item Invoice Type, and/or Expense Invoice Type as Percent Complete when creating the project. You can also edit these options later in the Project Card or Task Card in the Invoicing FastTab.

Invoicing contracts can be a complex process, but with the right tools, it can be streamlined. You can create a single invoice that includes data from multiple linked projects, making it easier to manage your finances.

This process is initiated from the Contracts > Contracts > Billing > Create Invoice menu. The Contract Invoice Setup Template must be completed before the contract invoice can be created.

Similar filter options are available as with the Create Project Invoices page. The functionality is the same as invoicing from an individual project with respect to compression, etc. Invoices can be generated using the normal Project invoicing page if desired rather than using the Contract.

If you choose to use the Contract invoicing, you can generate one invoice that includes data from all linked projects. This can be beneficial if you need to track budgets and costs across multiple projects.

Here are some key features to consider when setting up contract invoicing:

Hour Banks and Contracts can be a bit tricky to navigate, but understanding the basics can save you a lot of time and headaches.

Hour Banks are only available to be used directly with Projects, not with Contracts. This means you can't directly link an Hour Bank to a Contract.

If you want to use an Hour Bank with a Contract, you'll need to associate it with the Projects that will be added to the Contract by using Related Information. This will allow you to track the hours used against the Contract.

Here's a quick rundown of what you need to do:

Setting up the Hour Banks feature is a crucial step in managing your time and expenses effectively. To do this, navigate to the Role Center > Actions > Setup > Project Setup > Project Setup.

You'll then need to expand the Hour Bank FastTab, which is where you'll find the essential settings for your Hour Banks.

The Hour Bank Nos field is used to specify the numbering sequence for your Hour Banks, ensuring that each one is uniquely identified.

The Hour Bank Prepaid Account No field is where you'll specify the prepaid account that will be reduced as time is consumed against the Hour Bank via posted Timesheet Entry or Time Journal entries.

Here's a summary of the key fields to consider when setting up Hour Banks:

To post a General Ledger (G/L) update for your Hour Bank, you'll need to run the Hour Bank Post GL process. This process is crucial as it updates the remaining quantity and balances in the Hour Bank.

The Hour Bank Post GL process should be run each time a Sales Invoice or Timesheet is posted. To do this, you'll need to navigate to the Hour Bank List, select the Hour Bank used, and then view the update on the General FastTab.

The General FastTab displays the remaining quantity and balances, while the Hour Bank FactBox shows the original hours banked and the remaining hours or amount. This information is essential for tracking and managing your Hour Bank effectively.

To summarize, here are the key steps to run the Hour Bank Post GL process:

By following these steps and running the Hour Bank Post GL process regularly, you'll be able to accurately track and manage your Hour Bank, ensuring that your financial records are always up-to-date.