Invoice Procedures : Monitor Pay Outs

Monitor Pay Outs

Once an invoice has been submitted for payment, the contract manager tracks the payment until it is posted. All posted payments are added to the contract invoice spreadsheet/database to facilitate future invoice processing and closeout procedures.

One purpose of the spreadsheet/database is to keep running totals for the entire contract in the project file. The totals are used during future invoice processing to make sure that the time and money reported in a given billing period are within expected ranges.

The spreadsheet/database contains details needed to compare these figures:

  • Running totals for actual expenditures versus proposed spending
  • Running totals versus Project ID amount
  • Total expenditures versus amount encumbered
  • Project spending rate versus time to ensure that total contract amount is not exceeded

Sample contract invoice spreadsheet