Progress Payment Management

Prompt Payment as of 1 July 2018 based on Ontario Construction Act

https://www.investopedia.com/terms/p/progress-billings.asp

https://www.attorneygeneral.jus.gov.on.ca/english/construction_law_in_ontario.php

https://www.ontario.ca/laws/statute/90c30

from Ontario Construction Act document:

“PART I.1 PROMPT PAYMENT
Definition, “proper invoice”
6.1 In this Part,
“proper invoice” means a written bill or other request for payment for services or materials in respect of an improvement under a contract, if it contains the following information and, subject to subsection 6.3 (2), meets any other requirements that the contract specifies:

  1. The contractor’s name and address.
  2. The date of the proper invoice and the period during which the services or materials were supplied.
  3. Information identifying the authority, whether in the contract or otherwise, under which the services or materials were supplied.
  4. A description, including quantity where appropriate, of the services or materials that were supplied.
  5. The amount payable for the services or materials that were supplied, and the payment terms.
  6. The name, title, telephone number and mailing address of the person to whom payment is to be sent.
  7. Any other information that may be prescribed. 2017, c. 24, s. 7.”

https://www.levelset.com/schedule-of-values/

QuickBooks for Construction

QuickBooks for Contractors Tip – Basics of Progress Invoicing

From Oracle.com

“Oracle Textura Payment Management increases efficiency and control in construction payment management through a collaborative subcontractor invoicing and payment software system. “

https://www.oracle.com/industries/construction-engineering/textura-construction-payment-management/