AIA Billing requires holding back a retainage amount.
Here are the detailed steps on how to do AIA billing directly in SME:
- Create order as normal in SME adding all the items and such and then get the Total (in my example below the total is $711.50).
- Set SME invoice type to % invoicing.
- Add one line item for 10% of this amount as a negative amount.
- Add another item for 10% of the amount as a positive amount. At this point the order is back to the original total.
- When you invoice for the percentage, select the percent complete, for example 20%. This will bring up a list of items and automatically calculate for 20%, select all button and uncheck the retainage recovery item. This will create an invoice of 20% minus retainage which comes to $128.07. this would be 20% * $711.50 * 90% (or less 10% retainage) = $128.07, perfect.
- You could continue invoicing for any % amount. Your very last invoice would just invoice the retainage recovery or whatever you call it.
Note in this picture the 0.2 count and 1.6 is automatically calculated, In SME just press "select all" button and then uncheck retainage recovery
A separate Excel file could also be used. Here is an example excel file: