What is AIA style invoicing?
What is AIA-style invoicing? AIA-style invoicing is based on the AIA application for payment forms (sometimes referred to as the G702 Application for Payment and G703 Continuation Sheet), which are a standardized set of invoicing forms widely used in commercial construction in the United States.
What is AIA form G702?
The AIA G702 serves as both the contractor’s application and the architect’s certification. Its use can expedite payment and reduce the possibility of error. This document is often referred to an AIA billing form, progress billing form, payment app, or pay app.
Is an AIA document an invoice?
AIA form G702 has the official title “Application and Certificate for Payment,” but most people refer to it as simply the “application.” In AIA billing, the architect (or owner or general contractor, in many cases) gets to approve the amount the contractor bills. Therefore, the form isn’t technically an invoice.
What is a G703 form?
AIA Document G702®–1992, Application and Certificate for Payment, and G703®–1992, Continuation Sheet, provide convenient and complete forms on which the contractor can apply for payment and the architect can certify that payment is due.
Does QuickBooks do AIA billing?
Several apps that integrate with QuickBooks Online have AIA billing features. These apps include: Knowify for Contractors. Corecon.
How do I bill for retainage on AIA form?
Take our $10,000 line-item example and assume there is 5% retainage on it. If you’re 10% complete with that item, you would bill $950 and hold $50 in retainage. If you were to bill another 10% of that line item on each application, another $50 would be held in retainage each time.
Who uses AIA forms?
Used by all industry professionals, including architects, contractors, owners, consultants, and attorneys, AIA Contract Documents are organized into two categories: By families based on types of projects or particular project delivery methods and by series based on the use of the document.