In this article we will cover what the Manager Permission users can create from the Payments page in Pegasus:
What is a Pay Estimate and How it Works in Pegasus
What is a Pay Estimate in Pegasus?
A Pay Estimate (also known as an Estimate Worksheet or Continuation Sheet) is a full breakdown of all items of work that a contractor performed on a project over a set period of time. It functions as a supplement to the Pay Application separating the entire contract sum into portions of work (the contract line items, bid items, or pay items). The Pay Estimate in Pegasus is very similar to the standard Estimate Worksheet form or the AIA G703 Continuation Sheet.
The Pay Estimate helps all parties involved with a project stay updated with where the contract stands in terms of completion and dollar amount. The Pay Estimate shows how much of the project is completed, how much will be spent, and how much is remaining to spend. In short, the Pay Estimate is a progress payment generated every time a contractor submits a payment request, usually monthly. The Pay Estimate typically
How the Pay Estimate Works in Pegasus
In Pegasus, the Pay Estimate can be generated quickly and easily based on Pay Items input from Field Reports over a given date range established. You can also make Estimate Adjustments or modifications to the Pay Items from the Pay Estimate. The Pay Estimate contains: (see photo below)
Project Header Information
Quantity breakdowns for each item and a sum for all items installed and totaled for that period.
Once the Contractor, Owner and Engineer agree on the Pay Estimate totals for that period, a Pay Application can be created in Pegasus.
Pegasus Pay Application
What is the Pay Application in Pegasus?
The Payment Application (also called the application for payment or pay app) is a collection of documents that summarize work for a construction project similar to an invoice. The Pay Application in Pegasus is also similar to the AIA G702 Application & Certificate for Payment document. It is a full breakdown of what's been paid to date, how much retainage has been withheld/released, the remaining cost to complete the work, and change order information affecting the Adjusted Contract Total.
How the Pay Application Works in Pegasus:
Pay Applications in Pegasus can be optionally generated after creating the Pay Estimate. The Pay Application in Pegasus will pull the Pay Estimate total and display as Earned this period on the document. You can also create custom Payments or Deductions on the Pay Application. In short, the Pay Application functions as a cover sheet for the Pay Estimate showing contract totaling information.
Now that you have a general idea of what Payments are in Pegasus, let's take a deeper dive into how they function on your project and how to create a Payment:
What's Next?