The project and the period
The project name, the customer, the valuation number and the month it covers.
Payment application template: a cumulative interim valuation, item by item
An interim valuation records the work done on each item up to a date. In this payment application example you'll see how it is calculated cumulatively, what is certified in the month and how it reaches the invoice.
What it is
What is an interim valuation?
An interim valuation is the document that certifies the work done on a project in a period, usually a month, so that it can be paid. It is done item by item, against the items in the quote.
The usual way is to value cumulatively: each valuation includes all the work done since the start of the project and deducts what was already certified before. The difference is what is certified, and invoiced, in that period. So if a measurement is corrected, the error isn't carried forward: the next valuation adjusts it. How it differs from the Spanish «relación valorada» (a priced statement of measured work) is explained on our blog (in Spanish).
Example
Payment application example for March
This is the sample project from the Gestrab demo, a residential building (sample data). The progress of each item is shown as a percentage of the quoted amount.
| Item | Cumulative to date | Certified up to February | This valuation (March) |
|---|---|---|---|
| Earthworks and excavation (m²) | 100 % | 100 % | 0 % |
| Reinforced concrete foundations (m³) | 100 % | 100 % | 0 % |
| Structural steel (kg) | 75 % | 35 % | 40 % |
| One-way floor slab (m²) | 60 % | 25 % | 35 % |
| Facing brick façade (m²) | 30 % | 0 % | 30 % |
| Sandwich panel roof (m²) | 0 % | 0 % | 0 % |
How it's calculated
How the amount certified in the month is calculated
For each item, the work done to date minus what was certified in previous valuations. In the example, structural steel stands at 75% to date; 35% had been certified up to February, so 40% is certified in March.
The amount on each line is that progress times the item's amount in the quote: on an item quoted at €10,000, going from 35% to 75% means certifying €4,000 that month. Finished items, such as earthworks and foundations, no longer add anything, and those not yet started, such as the roof, stay at zero until they progress.
- To date: all the work done since the start of the project.
- Previous: what has already been certified.
- This valuation: the difference, which is what is invoiced now.
- Outstanding: the work still to be done to reach the quoted amount.
If the contract sets retentions or other deductions, they are applied afterwards to that amount: always check what your contract says and how to manage retentions (in Spanish).
Payment application template
What each valuation should include
The items in the quote
With their code, unit and description, exactly as quoted.
To date and previous
The work done to date and what has already been certified, in quantity, percentage or amount.
This period
The difference for each item and the total being certified.
The invoice
The amount that goes on the invoice, with the valuation number.
Sign-off
The signature of the person certifying and of the person receiving it, if the contract requires it.
With Gestrab
Interim valuations that come straight from each item
In Gestrab each project is created from its estimate, and the progress of each item is recorded on each date, in quantity, percentage or amount. The project always keeps track of what is planned, completed, certified and invoiced.
The progress on each date becomes a cumulative invoice in one click, without copying quantities from one sheet to another. We explain it in interim valuations and progress invoicing; and if you're preparing the quote, start with the building quote template.
What is a cumulative valuation?
One that includes all the work done since the start of the project. What is certified in the period is the difference from what was certified in previous valuations.
How often is a valuation made?
The contract sets it. Usually once a month, with the work done up to the end of that month.
Does it handle cumulative and certificate-based invoicing?
Yes. Each project tracks the planned, completed, certified and invoiced quantity, and progress is invoiced cumulatively. There are also manual invoices and automatic invoicing of pending delivery notes and recurring services.
Which companies is Gestrab for?
For companies in the construction sector: building work, installations, refurbishments, roofing, maintenance… Any company that prices its work item by item, carries out projects with its own staff, and certifies and invoices the work done.
Gestrab
More from Gestrab
Interim valuations and progress invoicing
Planned, completed, certified and invoiced quantities for every item, with progress invoiced cumulatively.
Job sheets from the phone
The field staff app: the day's work orders, working day, mileage and the job sheet signed by the customer.
Job costing per project
Labour, materials, overheads and travel for every job sheet and every project.
Estimates and projects
Itemised estimates that become projects, and work orders to plan them.
Building quote template
The columns of an itemised construction quote, an example and how to put one together step by step.
Value and invoice cumulatively
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