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23. Disbursements, Claim Adjustments and Retention

Updated: Nov 12

Disbursements


Disbursements are designed to capture project related costs, which are not part of the agreed contract value.

Disbursements are added with your project contract in much the same way that contract deliverables are added. Disbursements values are claimable when the next claim document is produced. The Disbursement costs will appear in the claim document separately from the agreed fee.

Claim Adjustments and Retention

Retention and adjustments can also be detailed within your contract as and when required. To create an adjustment, simply go to the Invoice sub-navigation section select the add button under Claim Adjustments. You will notice that a number of default adjustment types currently exist in UniPhi. The options that are displayed here include the most common forms of Adjustments and Retentions; Retention to Date, and Bank Guarantee.


If the wording is not correct for your purposes you can type your own text into the description field. Your adjustment information will appear in your output financial document such a progress certificate.



Add a Derivative Claim Adjustment/Retention

When a set amount of money is to be retained with each claim up to a threshold, UniPhi can calculate this for you with a derivative adjustment.

1. In Contracts > Invoice > Claim Adjustments select Add Derivative.

2. Select the type of adjustment and give it a description.

3. In the Derivative (%) field, set to total amount of the retention. Not that if you are holding back funds from each claim, this needs to be a negative number, otherwise UniPhi will advance funds with each claim.


4. In the Of field, select if the retention applies only to the Original Contract Value (the value of Deliverables) or the Adjusted Contract Value (the value of deliverables plus the value of approved variations)


5. In the Per Claim (%) field, enter how much retention you will hold per claim until you reach the threshold. This also needs to be a negative number. In the example below, 5% of the value of the adjusted contract is being retained, but this will be 10% of each claim until that value is reached.


6. Select a code and tax. The code is only for the purpose of cash flow, it does not affect forecast. The Tax code should reflect the tax applied to the rest of the contract.


7. Select Save to finish and apply the derivative. The value applied to each claim will calculate automatically.






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