What is application of payments How does it work?

Application of payments is the designation of the debt to which should be applied the payment made by a debtor who has various debts of the same kind in favor of one and the same creditor.

Is an application for payment the same as an invoice?

Broadly speaking, for the supply of services, a tax point is created at the earlier of; invoice date, receipt of payment, or completion of the work. ... Therefore, if an application for payment is issued rather than an invoice, output tax is only due when payment is received.

What is AIA G702 and G703?

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. ... Its use can expedite payment and reduce the possibility of error.

What is a pay application in construction?

A payment application, or pay app for short, often refers to the pay application form itself. But a pay app is actually a collection of supporting documents that first and second tier contractors submit to request payment. ... Contractors get paid for the work they document.

What is an AIA payment application?

An AIA is a document that contains completed contract billing throughout the project; this document was created mainly to assist architects working on a construction project to be paid for the work completed on the project.

What are applications for payment?

Applications for payment can be used to defer the date when output tax is accountable to HMRC and avoids the supplier having to account (and pay) VAT if the relevant supply becomes a bad debt.

What is an AIA Document G703?

AIA Document G703 1992 breaks the contract sum into portions of the work in accordance with a schedule of values prepared by the contractor as required by the general conditions.

What is a contractor pay application?

A payment application, or pay app for short, often refers to the pay application form itself. But a pay app is actually a collection of supporting documents that first and second tier contractors submit to request payment. ... Contractors get paid for the work they document.

How do I complete AIA Document G702?

It's also known as AIA billing since the American Institute of Architects (AIA) produces one of the most commonly used pay applications. With progress billing, contractors submit a new payment application before the deadline of each pay period for the work completed and materials purchased in that period.

What is a AIA G702 form?

The AIA contractor form G702 Application and Certificate for Payment is the form that the contractor uses to invoice on the project when AIA forms are required. The AIA Document G702 1992 is both the contractor's request for payment as well as the architect's certification (determining whether or not you get paid).

What is application and certificate for payment?

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. ... Its use can expedite payment and reduce the possibility of error.

What is application and certificate for payment?

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. ... Its use can expedite payment and reduce the possibility of error.

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Q: How do I complete AIA Document G702?

It&#039;s also known as AIA billing since the American Institute of Architects (AIA) produces one of the most commonly used pay applications. With progress billing, contractors submit a new payment application before the deadline of each pay period for the work completed and materials purchased in that period.

SUBCONTRACTOR S APPLICATION FOR PAYMENT TO D. K. LIPPY CONSTRUCTION COMPANY FROM PROJECT PAYMENT REQUEST NO. PERIOD 20 TO 20 STATEMENT OF CONTRACT ACCOUNT 1. Original Contract Amount 2. Approved Change Order Nos. As per attached breakdown Net 3. Adjusted Contract Amount 4. Value of Work Completed to date As per attached breakdown 5. Value of Approved Change Orders Completed As per attached 6. Materials Stored on Site As per attached breakdown 7. Total to Date 8. Less Amount Retained 9. Total Less Retainage 10. Total Previously Certified Deduct Paid to Date 11. AMOUNT DUE THIS REQUEST CERTIFICATE OF THE SUBCONTRACTOR I hereby certify that the work preformed and the materials supplied to date as shown above represent the actual value of accomplishment under the terms of the Contract and all authorized changes thereto between the undersigned and D. K. Lippy Construction Co. relating to the above referenced project. I also certify that payments less applicable retention have been made through the period covered by previous payments received from contractor to 1 all my subcontractors subsubcontractors and 2 for all materials and labor used in or in connection with the performance of this contract. I further certify I have complied with Federal State and Local tax laws including Social Security laws and Unemployment Compensation laws and Workman s Compensation laws in so far as applicable to the performance of this Contract. Date Subcontractor Subscribed and sworn before me this Authorized Signature Notary Public TITLE My commission expires. PERIOD 20 TO 20 STATEMENT OF CONTRACT ACCOUNT 1. Original Contract Amount 2. Approved Change Order Nos. As per attached breakdown Net 3. Adjusted Contract Amount 4. Value of Work Completed to date As per attached breakdown 5. As per attached breakdown Net 3. Adjusted Contract Amount 4. Value of Work Completed to date As per attached breakdown 5. Value of Approved Change Orders Completed As per attached 6. Materials Stored on Site As per attached breakdown 7. Value of Approved Change Orders Completed As per attached 6. Materials Stored on Site As per attached breakdown 7. Total to Date 8. Less Amount Retained 9. Total Less Retainage 10. Total Previously Certified Deduct Paid to Date 11. Total to Date 8. Less Amount Retained 9. Total Less Retainage 10. Total Previously Certified Deduct Paid to Date 11. AMOUNT DUE THIS REQUEST CERTIFICATE OF THE SUBCONTRACTOR I hereby certify that the work preformed and the materials supplied to date as shown above represent the actual value of accomplishment under the terms of the Contract and all authorized changes thereto between the undersigned and D. AMOUNT DUE THIS REQUEST CERTIFICATE OF THE SUBCONTRACTOR I hereby certify that the work preformed and the materials supplied to date as shown above represent the actual value of accomplishment under the terms of the Contract and all authorized changes thereto between the undersigned and D. K. Lippy Construction Co. relating to the above referenced project. I also certify that payments less applicable retention have been made through the period covered by previous payments received from contractor to 1 all my subcontractors subsubcontractors and 2 for all materials and labor used in or in connection with the performance of this contract.

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