Construction Edition

With MYOB Acumatica Construction Edition, you can effectively manage your construction projects and finish them on time and within budget. You can create estimates, forecast budgets, control costs, maintain complete and structured information about all involved parties, and track all accounting and operational information related to your project. With a variety of time-saving automation features and reporting options, MYOB Acumatica Construction Edition streamlines your entire construction project process and gives you the ability to reduce input error rates. The primary features and main processes are described briefly below and extensively in other topics in this guide.

AIA Reporting

With MYOB Acumatica Construction Edition, you can automatically fill out industry-standard legal forms based on the project billing information. You can prepare AIA reports with the needed level of detail, and include quantities in the lines of the continuation sheet. You can also prepare AIA reports for released retainage.

Project Billing with Retainage

MYOB Acumatica Construction Edition fully supports retainage scenarios in projects, which helps you to keep detailed information on retained amounts and have a thorough understanding of the details of retainage and the ways it affects all involved parties (owners, contractors, subcontractors, and suppliers). This support also gives you the ability to ensure that all payments have been made in time for each of your construction projects. You can track retainage in accounts payable documents, project commitments, and accounts receivable documents, including pro forma invoices prepared for projects.

Change Management

MYOB Acumatica Construction Edition provides change order functionality, which you can use to track changes to project's budgeted and committed values and to control the profitability of every change initiated by a customer. Change documents do not alter the original values of a project budget directly; they are tracked separately. You can track changes with change orders only, or use change requests as an additional level of auditing changes to the project revenue budget, commitments, and budgeted costs.

Cost Codes

A cost code represents an additional classification level for project revenues and costs in a construction project. You can associate cost codes with system documents and document lines in which projects are referenced, such as general ledger transactions, accounts payable bills, purchase orders, accounts receivable invoices, expense entries, time cards, and lines of project budgets.

Subcontract Management

A subcontract is a document that represents a commitment to a project for the services that are to be provided by a third-party company. After the services have been provided, the accounts payable bill is released to adjust the outstanding balance of the vendor and record expenses to the project budget.

Joint Payments

A joint payment is a payment generated for an accounts payable bill that is made payable to joint payees: your vendor, whose work is tracked as part of the project; and another supplier or contractor who supplies materials or work for this vendor directly. In MYOB Acumatica Construction Edition, you can create an AP bill for the vendor you work with and specify other vendors in the bill who are not a part of a project but partially provide services or materials for the project. Then you can create a joint payment for this bill to the vendor you work with and to its supplier or subcontractor.

Project Management

With MYOB Acumatica Construction Edition, you can process daily field reports, project issues, photo logs, drawing logs, and submittals to track complete and detailed information on how your project progresses.

Compliance Documents

Companies that manage construction projects have requirements to protect their customers, vendors, suppliers, and partners from potential issues associated with compliance. In MYOB Acumatica Construction Edition, you can establish the compliance documents that should be captured for different types of entities, so that this information can be used for in-place warnings to users and for reports on project exposure. Also, you can automate generation of lien waivers for your projects.

Budget Control

You can easily compare actual project costs with the original and revised budgets. As a project progresses, you can also continuously track budget execution, including whether actual costs match the budget, and act appropriately by either adjusting expenditures or revising the budget.