Save time, improve consistency and streamline your credit control with our Progress Payment / Schedule Excel template pack.
Cash is king!
Efficient credit control processes can often be the difference between life and death for many contractor businesses.
This progress payment template will help you to submit your applications in a clear and concise manner, and help you proactively track your outstanding payments. Also, it’s smart features will reduce the chance of human errors, and cut down on time wasted on admin!
When should I submit progress payment applications?
Contracts over 45 days long should always allow for interim or progress payments. (if you are reading this from the UK, this is actually a legal requirement).
Your contract should state the frequency of process payments. This is usually monthly, but can be based on stage of completion.
The end of the month is the most common, but some clients adjust this to suit their accounting calendar.
You should understand what your contract allows, and submit applications in a timely manner, before the due dates.
Keeping on top of when payments can be applied for, and proactively chasing payments when agreed terms and not complied with is vital to stay on top of your cash collection.
Track the status of payments with the schedule tab of our template
While the exact payment process will vary with the terms on your contract, and the laws of your country, usually there are at least two key dates to monitor in the process:
a) Certificate – usually the client is obliged to give you a payment certificate within a certain timescale
b) Payment due date – you should have agreed terms of payment, stating the timescale from the valuation date to the date the you are to receive the funds
Our template automatically adds the agreed dates to the cover letter, to serve as a polite reminder the paying party.
If payments are late, you should immediately issue a polite reminder letter and a phone call to find out what the problem is, before moving to more serious measures if the problems continue.
For more advice on this we recommend that you consult with a professional… Here at webQS we have years of experience of carrying out interim valuations, and dealing with payment procedures. Click here to learn more / send us an enquiry.
You can read more about change control procedures here:
Designing Buildings Wiki – Click Here
The RICS (Royal Institution of Chartered Surveyors) guidance on Interim Valuations and Payment: Click Here
Features of the template
Complete 3 forms in 1 – Generate cover letter, payment application, and schedule/ tracker sheet.
Simply fill in the project information one time, which pre-fills all the application templates and cover letters. Cut down time spend on repetitive admin tasks!
a) Cover letter – This is already pre-filled with project info and dates that certification and payment are due;
b) Valuation – Auto calculates previously certified and retention (if your contract requires this), to deduct from your total valuation;
c) Schedule – Auto-populates payment schedule so you can track status of your payments.
Designed for ease of use
The template is self-explanatory and easy to use, and for additional ease of use we have included a tab containing instructions and helpful tips.
Sections which require manual inputs are highlighted.
The sheets are also pre-formatted and optimised for converting to PDF, or printing.
All templates are fully unlockable so you can customise them to suit your business.
Progress Payment / Payment Schedule Excel Template
Available for instant download now!
Buy our full suite of templates and save over 35%!
Contains 5 x multi-functional, easy to use templates:
- Progress Payment Form
- Payment Schedule
- Construction Budget
- Profit and Loss Forecast
- Cash Flow Forecast
- Weekly Cost Tracker
- Change Orders
- Register of Changes
- Daily Construction Log
- Weekly Payroll Hours
Available for instant download now!