Common use of Project Accounting Subsystem Clause in Contracts

Project Accounting Subsystem. The operation of this subsystem shall enable the DESIGN-BUILD FIRM to plan effectively and to monitor and control the funds available for the project, cash flow, costs, change orders, payments, and other major financial factors by comparison of budget, estimate, total commitment, amounts invoiced, and amounts payable. This subsystem will be produced and updated monthly and includes the following reports, which together will serve as a basic accounting tool and an audit trail. This report will also provide for accounting by building and site element and shall be prepared and maintained pursuant to generally accepted accounting principles. A. Costs Status Report presenting the budget, estimate, and base commitment (awarded contracts and purchase orders) for any given contract or budget line item. It shall show approved change orders for each contract which when added to the base commitment will become the total commitment. Pending change orders will also be shown to produce the total cost to complete the work. B. A Payment Status Report showing the value in place (both current and cumulative), the amount invoiced (both current and cumulative), the retained, the amount payable (both current and cumulative), and the balance remaining. A summary of this report shall accompany each pay request in the form of AIA Schedule of Values. C. A Detailed Status Report showing the complete activity history of each item in the project accounting structure. It shall include the budget, estimate and base commitment figures for each contract. It shall give the change order history including change order number, description, proposed and approved sates and the proposed and approved dollar amounts. It shall also show all pending or rejected change orders. D. A Cash Flow diagram showing the projected accumulation of cash payments against the project. Cash flow projections shall be generated for anticipated monthly payments as well as cumulative payments.

Project Accounting Subsystem. The operation of this This subsystem shall enable the DESIGN-BUILD FIRM Contractor to plan effectively and the Owner to monitor and control the funds available for the projectProject, cash flow, costs, change orders, payments, and other major financial factors by comparison of budget, estimate, total commitment, amounts invoiced, and amounts payable, and also enable the Owner to stay informed. This subsystem Thissubsystem will be produced and updated monthly and includes the following reports, which together will serve as a basic accounting tool and an audit trail. This report will also provide for accounting by building and site element and shall be prepared and maintained pursuant to generally accepted accounting principles.: A. (1) Costs Status Report presenting representing the budget, estimate, and base commitment (awarded contracts and purchase orders) for any given contract or budget line item. It shall show approved change orders for each contract which when added to the base commitment will become the total commitment. Pending change orders will also be shown to produce the total estimated probable cost to complete the work. B. (2) A Payment Status Report showing the value in place (both current and cumulative), the amount invoiced (both current and cumulative), the retained, the amount payable (both current and cumulative)) , and the balance remaining. A summary of this report shall accompany each pay request in the form of AIA Schedule of Valuesrequest. C. (3) A Detailed Status Report showing the complete activity history of each item in the project Project accounting structure. It shall include the budget, estimate estimate, and base commitment figures for each contract. It shall give the change order history including change order numbernumbers, descriptiondescription , proposed and approved sates dates, and the proposed and approved dollar amounts. It shall also show all pending or rejected change orders. D. (4) A Cash Flow diagram Diagram showing the projected accumulation of cash payments against the projectProject. Cash flow projections shall be generated for anticipated monthly payments as well as cumulative payments.