3.1 Improved Support for Fixed Price Subcontracts
In this release we’re building explicit support for a “Subcontract” purchase order type to better support Fixed-Price contracts. With this, you’ll be able to define the payment terms suitable for services work such as:
- Progress Claim
- Recurring Instalment
3.2 Improved Cash Flow Management and Payment Scheduling
Significant improvements to cash flow planning and defining a “Payment Schedule” are being implemented to better reflect how contracts are defined and paid. For example:
- The payment schedule is now defined at the line-item level rather than at the PO-level
- The Payment Schedule can be used to setup multiple payment types: Receiving Plan, Progress, Milestone, Recurring Instalment
- Users can setup multiple Payment Events for each line item – and bulk-set payment events and types to streamline the payment schedule setup
- Advance payments and retainage are also now available at the line-item level as part of the Payment Schedule
3.3 Enhanced PO-Receiving to tie-in with payment schedule and invoice matching
To tie-in the advancements in payment scheduling, the Receiving module will have the intelligence to know the payment terms for each PO and line-item.
You’ll also be able to setup purchase order items to be Auto-Received to simplify the receiving process. For example:
- Setup a “Recurring Instalment” payment type to auto-generate a receipt and accrual at the payment date set
- Setup a Rental Contract (future) to auto-receive based on the rental agreement terms
3.3.2 Import Vendor Progress
We’re now providing an import for your vendors to complete that provides a simple method for inputting:
- Amount spent to date
- Manhours to date
- Quantity to date (if applicable)
- Amounts remaining (for a forecast)
3.4 Improved Tax and Freight Management
Better management of purchase order taxes – including the ability to define tax at the line item level – is being implemented in this release. This also includes the ability to define specific “Freight” charges for each line item.
3.5 Purchase Order Manhours Reporting
You’ll now be able to define “Manhours” as a key metric on each PO line item. PO Receiving will provide the ability to enter the manhours burned on each line item.
3.6 Warehouse and Inventory Reporting
As part of a new initiative towards significant improvements in the ability of 4castplus to provide insight into inventory and warehouse management, this release will deliver improved metrics on the whereabouts of materials, how much was consumed and what’s remaining.
3.7 Purchase Order Forecasting
We’re providing explicit methods to forecast your remaining amount and quantities on purchase order line items. Some of this will be automatic depending on the payment schedule, and also by the vendor import.
3.8 Improved Field Receiving
The Field Receiving module is also getting an update to provide more tools and reporting.
3.9 Import Field Requisitions
We are now providing a Field Requisition template for your field personnel to submit requests for material purchases. This template can be easily imported into the 4castplus Purchase Requisition module for fast processing into a purchase order.