RAVE have released a NEW branch level Forecasting Report, which gives our clients the ability to track their Progress Payments requests and variations that are linked to their Schedule. They can easily see what is forecast to come in each day, week, fortnight, month, or quarter in order to get a better grasp on their finances. They can also manage their construction managers’ KPIs to see if they miss a Schedule Task that is linked to a payment. The reporting is also exportable via CSV, so it can also be uploaded to forecasting systems external to Rave.
The Progress Payment Forecasting Report is available from Site/Build / Progress Payment / Progress Payment Forecast – the report provides data for a selected date range (via a list of handy presets or your own date range selection). With the option to include GST in the reported figures.
Let’s have a more in-depth look at this new report, firstly with the summary reporting.
Progress Payment Forecast (and summary report)
This top-level reporting appears below the date range selection and summarises the key metrics for the selected reporting date range – including:
- Expected Payments – Totalling all of the Progress Payments (regardless of the following states) linked to schedule tasks – for the selected date range
- Paid – Totalling all of the payments received (for the selected date range) for any progress payments linked to scheduled tasks
- Pending – Totaling all of the progress payments linked to scheduled tasks that have not yet been requested
- Requested – Totalling all of the progress payments linked to scheduled tasks, which have been invoiced but are not yet paid, and are not yet overdue
- Overdue – Totalling all of the progress payment requests that have not been paid and are now overdue
- Outstanding – Totalling all of the progress payments linked to scheduled tasks, which have overdue task completion dates, and have not yet been invoiced
Progress Payment Forecasting – Project Overview report
This table details the Project Name and Signed Contract Value, along with a breakdown of the key metrics (as noted above) across all projects that have progress payments linked to scheduled tasks, for the selected reporting date range.
Progress Payment Forecast
And finally, this table provides a powerful high-level view of a branch’s forecasted income. This report displays the expected progress payment income (of progress payments linked to scheduled tasks) across all projects, broken down by month.
The progress payment forecast report includes some handy colour coding to help you quickly identify and address any potential progress payment issues across your jobs.
- A red block means that one or more of the progress payments are overdue.
- An orange block means that one or more progress payments are outstanding
- Blue text means that one or more of the progress payments are either pending or requested
- Green text means that all payment requests made, have been paid
And if you’re wondering why the pending & requested status has been combined, it is because they are functionally the same within the context of this report i.e. at a glance, you just want to see that “I have future money that will come in, but isn’t outstanding/overdue yet”
And that’s it if you’ve already started linking payment requests to scheduled tasks, then this very handy forecasting report is available for you to use right now.
If you have not yet started linking payment requests to scheduled tasks, it’s really easy to do, and we cover this in our RAVE Accounts training tutorial – available now from your RAVE Help portal. Once you’ve opened our Accounts training tutorial, fast forward to the 19:25 min time stamp, for a run-through of how to link payment requests to your scheduled tasks.