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AboutPURCHASE ORDER RECEIVING & ACCRUALS
Integrated PO Receiving
& Accruals Tracking
- Simplify Material Receiving & Contractor Claims
Simplify material receiving, subcontractor claims, and real-time cost tracking with 4castplus. Easily record materials received at the job site or warehouse, track subcontractor progress claims by milestone, and instantly recognize costs and accruals as they occur. Get real-time insights to keep your project on track and within budget.
Purchase Order and Subcontract Receiving
Receiving is a key part of a purchase order 3-way match. Whether it’s receiving commitments such as materials at the job site, recording subcontractor progress, or auto-incurring rental installments, the 4castplus receiving modules make this a quick and straightforward process that automatically incurs a cost on your projects in real-time.
Subcontractor progress tracking
Record subcontractor progress, transactions or milestones in a streamlined interface. Even record daily amounts from the jobsite. You can even optionally send an import file to your subcontractors for them to fill in (daily, weekly, etc.) and simply import that into 4castplus receiving. You can set up auto-receiving through the recurring installments feature for items such as rental equipment or fixed incremental payments.
Materials receiving, warehousing and overages
Receive materials to the job site, office or warehouse. Attach photos, waybill and packing slips along with other receipt information. Record OS&D, conditions, returns, expediting information and other notes. Enter location stored for inventory reporting and inventory drawdown. Approve overages. If more materials were sent than were committed in the purchase order, the receiver can approve or reject the overages. Enter partial receipts. Users can enter some or all of the committed amount, progress or quantity. 4castplus keeps close track of what’s been received versus what’s remaining.
Project Cost and Accruals
Financially controlled
Regardless of the method of receiving, 4castplus applies strict financial controls to ensure the receipt respects the committed amounts and quantities.
Accrual reporting
Accruals recorded for received items will remain in place until an associated vendor invoice is approved to negate the accrual. Pick from numerous built-in accrual reports or create your own using the 4castplus report designer and ad-hoc reports & charts.
Vendor productivity and approval workflows
4castplus gathers many productivity metrics to enable users to report on key performance indicators like hours-per-unit, productivity factor (PF), cost-per-unit, budget versus actual, EVM and much more. Receipts can be submitted through a multi-stage approval workflow.
Real-time vendor costs, progress and productivity
As the second part of a 3-way match, receiving is the critical step where cost is recognized on the project and seen as a pending liability or accrual. The 4castplus receiving software module is split between three main subareas: recording received materials, recording subcontractor progress, and preconfigured auto-receiving. Each of these subareas is intelligently designed and fit for its explicit purpose. 4castplus receiving is very easy-to-use and flush with controls to ensure strong financial governance and adherence to standards. Once received, the process flows smoothly to the 4castplus vendor invoice module for matching and approval of invoices. All of this includes workflows, document attachments, data integrity compliance and real-time visibility into vendor performance, project cost, revenue and accruals.
- Frequently Asked Questions
With 4castplus, you can recognize costs in real-time as materials are received or subcontractor progress is recorded. You no longer have to wait for vendor invoices, which streamlines your financial tracking and ensures your project stays on budget and on schedule.
Yes, 4castplus receiving enables users to enter receiving documents for materials & equipment (goods) as well as for services. Services receipts are for Subcontracts, whereas goods receipts are for Purchase Orders. Materials & equipment POs are typically received by quantity or $amount. Whereas subcontracts are typically received by milestone, progress, or $amount.
You can also setup a hybrid of receiving by both quantity and milestone on the same PO. This can often occur when there are upfront deliverables (such as drawings) that are required prior to shipping materials.
4castplus simplifies tracking subcontractor progress by milestone or transaction, allowing for accurate cost recognition and progress monitoring. This minimizes errors, ensures timely payments, and reduces the complexity of manual claim processing, helping to avoid costly disputes.
4castplus enables you to easily record partial or full quantities of materials received at the job site or warehouse. It also tracks overages, records OS&D (Over, Short & Damaged) conditions, and allows for attaching relevant documents like packing slips and photos to ensure accurate inventory and cost tracking. Receivers can also indicate location stored by laydown yard, bin, aisle, etc.
Yes, 4castplus automatically incurs costs as materials and services are received, helping to maintain accurate project cost tracking. This real-time recognition provides full visibility into project costs and accruals, reducing errors, delays, and providing a more accurate representation of true project costs at any point in time.
Overages are quite common as suppliers are often requested to ship extra materials over the originally committed quantity. If the committed quantity was 10 units, for example, but you receive 12 units, you face an overage of 2. With 4castplus the receiver can approve or reject the overage – but only if they have the system permission to do so. If they accept the overage, that amount (and corresponding cost) are all recorded and reportable in the system.
4castplus receiving provides fields and provisions for items that are either returned, or are cancelled prior to shipping. This can be recorded either in the receiving module or in the purchase order module. Items can be formally ‘cancelled’, and the entire PO can be cancelled.
Yes, 4castplus receiving enables users to attach documents to both the receipt as well as to the individual items. This means that you can upload the waybill or packing slip, in addition to taking photos (or other related documents) of the individual items that were received.
When receipts are entered in 4castplus, the corresponding cost is recognized on the project, but an accrual is also raised for the equivalent amount. That accrual is charged to the same cost code as the committed cost and will remain in place until a corresponding supplier or subcontractor invoice is recorded and approved.
Track materials to inventory and warehouse locations
Recognize both cost and revenue (where applicable) on receipt
Approvals and reporting for overages
Pre-built and user-configurable accrual reporting
Cash flow planning and reporting
OS&D tracking and resolution
Record subcontractor progress by progress quantity, milestone, transactions and amount
OS&D tracking & resolution
Track materials to inventory & warehouse locations
Recognize both cost & revenue (where applicable) on receipt
Approvals & reporting for overages
Pre-built & user-configurable accrual reporting
Record subcontractor progress by progress quantity, milestone, transactions and amount
Cash flow planning & reporting