Stored Materials On An Invoice When Installed

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Discusses how to enter purchase and install of stored materials and how that affects the continuation page of the AIA report.

• There is some confusion when the 'Previous Amount' column and an invoice aren't reflecting stored materials billed on previous billings. This is due to the requirement for AIA billings, specifically for Column F below.
• Column E instructions have any stored materials installed (incorporated into the project).
• Stored materials won't show in the 'Previous amount' column until after they have been installed.
• Stored Materials are in 'Certificate for Payment' amount and carry forward to the next billings in 'Previous Certificates for Payment'.
• Purchasing increases the stored materials.
• Installing decreases stored materials, and increases 'Work in Place'.
• The amount installed needs to be recorded in the 'Work Completed This Billing' column of the bill the material is installed on.
• Installing reverses the previous bill; therefore the creator of the invoice needs to show the installed material as a current bill; which will result in a net bill of zero.
• GL correctly reflects the stored materials as income in the period purchased and not in the period installed. The difference between the credit to the sales and the 'Work in Place' column is the installed stored materials and the change in the 'Stored Materials' column.
• Instructions for updating the stored materials column per the back of the standard AIA form, G703:

Column D: Enter in this column the amount of completed work covered by previous applications. Values from Column F (Materials Presently Stored) from prior payments should NOT be entered in this column.
 

Column E: Enter here the value of work completed until the time of this application, including the value of materials incorporated into this project which were listed on the previous Application and Certificate for Payment under Materials Presently Stored (column F).

Column F: Enter here the value of Materials Presently Stored for which payment is sought. The total of the column MUST be recalculated at the end of each pay period. This value covers both materials newly stored for which payment is sought and materials previously stored which are not yet incorporated in to Project. Mere payment by the Owner for stored materials does not result in a deduction from this column. Only as materials are incorporated into the Project is their value deducted from this column, and incorporated in to Column E (Work Completed This Period).