Progress payment tracking makes the work performed visible according to the contract and payment schedule. When project amount, payments received, expenses, employee timesheets, and contractor balance are kept in separate files, calculating the actual remaining amount becomes difficult.
What information should be viewed together for progress payment tracking?
Total price of the work and quote/contract information.
Work to be done, unit prices, and progress information.
Labor expense generated from timesheets tied to the project.
Work assigned, progress payments, payments made, and remaining balance.
Expense categories, receipts, and invoices.
Payments received and the current remaining amount.
How does the timesheet connect to progress payment tracking?
First, the days an employee worked and the project are recorded. At the end of the period, these records form the basis for the progress payment in the employee's account and the labor cost on the project side. When project expenses, contractor payments, and collections received are also entered into the same project view, the questions “how much did the job earn, how much cost did it generate, how much is left?” can be answered from a single screen.
Checklist for choosing a progress payment program
- Manage projects you've received and projects you've assigned separately.
- Ability to track work to be done and unit prices.
- Linking contractor work, progress payments, and payments to the project account.
- Carry employee timesheets into project labor cost.
- Get account statements, and PDF and Excel reports.
The contractual and financial calculations of a progress payment vary by the type of work. This page describes an operational tracking approach; it is not an official calculation or contract interpretation.