Getting paid on time is critical for your business. To ensure timely payments, your payment application must be accurate and complete.
The G702® – Application and Certificate for Payment form is used when a contractor applies for payment, and the architect certifies that the payment is due. It shows the contract sum to date, including the total dollar amount of work completed and stored to date, the amount of retainage (if any), the total of previous payments, a summary of change orders, and the amount of the current payment requested.
Get Paid on Time: How To Fill Out a Payment Application
Here are the key steps when completing the G702 – Application and Certificate for Payment and G703 – Continuation Sheet.
D
Start with the Continuation Sheet
This is the Pop-up box that you will see when you create your first Continuation Sheet.
Create your Continuation Sheet as a first step. This will be G703 or a similar variation. Fill out each column for each row, representing a line item of work. Some areas are automatically calculated for you, such as Column G (Total Completed and Stored to Date), which adds up Columns D, E, and F for you.
You can enter a percentage in G703 Column G, and the dollar amount will be automatically calculated in Column C. (Work Completed – This Period).
What About Retainage?
You can enter retainage in Column I for each line item. If you have a fixed rate (where it is the same percentage for each line item), you may want to leave this blank and fill out G702 Lines 5A and/or 5B, where it will calculate for you.
What About Change Orders?
You can list each change order as a line item of work on G703, just as you would with any other line item. Then when you come to G702, you fill out the “Change Order Summary.”
Filling Out the Payment Application
This is the pop-up box that you will see when you create your first Payment Application.
When you build your pay application (G702 or a similar variation), you can pull from the continuation sheet into the pay app.
You do this in the pop-up box that displays as you’re creating the form. You can
also choose “Fixed” or “Variable” for retainage, and that will affect how retainage is displayed within the form itself.
Subsequent Billings
When your next billing period arrives, follow the same steps outlined above. You’re now able to pull data from the previous pay period as you create your new billing sheets.
This is the pop-up box that you will see when you create your second Continuation Sheet.
This is the pop-up box that you will see when you create your second Payment Application.
For more detailed information, please see the following resources:
FAQs: Application and Certificate for Payment forms.
