The Contractor Payment module allows project and finance teams to manage, track, and record all financial transactions made to contractors.

It provides a structured way to handle payments against approved invoices, ensuring accuracy and accountability in project-related expenses.

This module helps maintain a transparent audit trail of every payment processed, supports multiple payment methods, and provides real-time updates on financial commitments and balances. It also assists in monitoring pending, approved, and completed payments, helping organizations manage their cash flow efficiently.

Navigation Path

• Log in to the application.
  
• Go to the left menu and click Contractor.
  
• Click Payment.
  
• Click Add Payment to create a new record.

Create Payment – Step-by-Step Instructions

1. Select Project – Choose the project for which the payment is being made.

2. Select Contractor – Select the contractor to whom the payment will be issued.

3. Select Invoice – Choose the linked invoice associated with this payment.

After selecting the invoice, the system automatically pre-fills important financial details such as:

• Payment Due Date – Displays the date when payment is expected.
• Invoice Amount – Shows the total invoice amount before tax.
• Tax Amount – Displays the applicable tax on the invoice.
• Sub Total – The total amount excluding tax.
• Adjustment Amount – Displays any adjustments or deductions applied.
• Total Amount – The total invoice value, including tax.
• Total Tax Amount – Displays the total calculated tax.
• Payment Amount – The actual amount being paid.
• Currency Code – The currency in which payment is made.

4. Enter Payment Date – Specify the date on which the payment was made.

5. Enter Payment Method – Select the mode of payment, such as bank transfer, cheque, online payment, or cash.

6. Select Approver – Choose the authorized person who approved this payment.

7. Select Payment Made By – Specify the user who initiated or processed the payment.

8. Enter Transaction Number – Provide a valid transaction or reference number for tracking the payment in financial records.

9. Upload Attachments – Attach any payment confirmation documents, receipts, or bank slips for reference.

10. Enter Reference Note – Add any remarks or additional details relevant to the transaction.

Mandatory Fields

The following fields are mandatory for creating a payment:

• Contractor, Invoice, Payment Date, Approver, Payment Made By, and Transaction Number.

Payment – Table Listing

Each payment record in the system displays the following details for easy tracking and management:

• Actions – Options to View, Edit, or Delete the record.
  
• Payment Reference Number – A unique system-generated identifier for the payment.
  
• Payment Amount – The total amount paid to the contractor.
  
• Project Name – The project is linked to the payment.
  
• Contractor Name – The contractor who received the payment.
  
• Payment Method – The mode used for the payment (bank transfer, cheque, etc.).
  
• Payment Date – The actual date on which the payment was made.
  
• Status – Displays the current status of the payments, such as Pending, Approved, Completed, or Canceled.
  

Payment KPIs (Key Performance Indicators)

The payment dashboard provides real-time insights into financial activities:

• Total Payments Made – Displays the total number of payments recorded in the system.
  
• Total Payment Amount – Shows the cumulative value of all processed payments.
  
• Pending Payments – Indicates payments awaiting approval or clearance.
  
• Average Payment Amount – Calculates the average value of all payments made.
  
• Payments by Subcontractor – Provides a breakdown of payments grouped by subcontractor for better tracking and financial analysis.
  

Additional Features

• Global Search – Quickly search payments using payment reference numbers, contractor names, or project details.
• Sorting – Sort the payment list by date, amount, project name, or payment status for easier navigation and reporting.