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.
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
Step into the future of project management with 4castplus. Free yourself from paper, spreadsheets, and disconnected systems. Elevate your projects with a suite of integrated cost management tools that ensure precision and efficiency from planning to execution. Maximize project profitability – contact us today to learn more.
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