Overview
- Create receivables in a contract
- Types of receivables
- Status of receivables
- Representation of receivables in cost controlling
- Consideration of receivables in cash outflow
Create receivables
If you have a monetary claim against your contractor, you can record it as a receivable within a contract in Alasco. A receivable does not change the contract volume. However, depending on the status of the receivable and the forecast settings in your account, it is considered in the contract forecast.
First, select the contract for which you want to create a receivable under the menu item "Costs" in the "Contract overview" tab.
Click on the "Receivables" tab in the upper bar within the contract and then on the "+ Add" button at the top right of the screen. The following information about the receivable may be entered in the window that appears:
- Name
- Receivable type
- Expected payment date
- Amount including VAT rate
- Status
- Comment
Tip:
Click on the pencil icon when entering the amount. This allows you to enter the amount as net or gross.
Types of receivables
When specifying the type of receivable, you have the following options:
- Grant (e.g. through subsidies)
- Credit note (e.g. due to insurance claim)
- Cost forwarding (e.g. for services to the city)
- Revenue (e.g. through scaffold advertising or special requests)
- Refund (e.g. of insurance premiums)
- Other receivable, if none of the other options apply
Tip:
If you receive an invoice that you can offset or charge to a third party, first create the invoice as usual in the contract. Simultaneously, create a receivable with the type "Cost forwarding" in the contract to ensure your forecast remains accurate. Once the invoice has been reimbursed, create a negative single invoice to correct the approved and paid amounts.
Status of receivables
The status of a receivable determines whether it is included in the contract forecast or not. You can specify whether the receivable is planned, realised or rejected.
Depending on the forecast settings in your account, only realised or planned receivables are included in the real-case and worst-case contract forecasts.
Representation of receivables in cost controlling
Select the "Receivables" tab in the contract overview to get an overview of all receivables created across all contracts within the project.
In the cost controlling table, receivables are listed in two separate columns "Planned receivables" and "Realised receivables", depending on their status. The total amount of the corresponding receivables in a contract is displayed here.
Consideration of receivables in cash outflow
It is possible to base the cash outflow in your project not only on the contract volume, but also on the more accurate contract forecast in the real-case or worst-case scenario. Depending on your forecast settings, the amounts of reserves, financial risks, receivables or contract terms (deductions, cost allocation, insurance, and cash discount) are considered in the cash outflow planning, allowing for a more precise planning.
In the standard forecast settings, both planned and realised receivables reduce the contract forecast in both the "Target costs" as well as the "Actual costs" stages.
With these standard settings, receivables have an influence on the contract forecast. It would be incorrect to subsquently create additional negative invoices or change orders for these receivables within a contract, as they would be deducted twice otherwise.
In order to properly use receivables with cash outflow planning based on the contract forecast, we recommend the following forecast settings for target and actual costs:
With these forecast settings, a planned or realised receivable is considered in the contract forecast of target costs and thus in the planning of the cash outflow.
At the same time, it is ensured that a receivable is not deducted twice in the actual costs, once as a realised receivable (target costs) and as a negative single invoice or reduction of an installment invoice (actual costs).
This requires, that when a receivable is realised, it is either processed as a negative (single) invoice or that it reduced the invoice amount of the next installment invoice.