Project Payment Schedule Template

Every project must spend a lot of money. To minimize losses, you need to make a project payment schedule template. Each payment is made in relation to activities in the project phase. This aims to keep every activity running smoothly because the supply of resources continues to be available, both in the form of goods and services.

Project Payment Schedule Template

1. Respondent and claimant details

Fill in information about the respondent in detail. In the first column are the company name, contact person, address, phone and fax from the respondent. The second column is also the same as the first one about the claimant details. Add the e-mail address if necessary.

2. Payment claim number

Submitting a claim is informed in detail in this section. In the payment contract, usually, a claim number is listed for the payment submission. In addition to the number, there is also a claim period with the format date, month and year and also its due date. All payment details must include the tax that is included in the payment claim.

3. Good and service description

Payment details should be explained in this section. First, mention the description of the work. Then specify the claimed amount and schedule amount. The total amount must include taxes that are determined by the country. Convey totals of fines that must be paid if it is past due date.

The Payment Process

1. Document flow

In the process, payment requires a long time. The respondent will check the claim documents that enter the company. The more detailed the contents of the document, the faster the process will be. The agreement should be done a week before the due date.

2. Timing

After the document is reviewed by the respondent, there are timings required by the claimant to wait for cash flow. Timing is a grace period for respondents to carry out checks. The cost is they also need a form schedule to check the stages of the project that is being carried out at this time.

3. Cash flow

After the review is complete, there will be cash flow to the employees. In the field of construction, this is referred to as a cash flow subcontractor. Later, payments will be adjusted to the claim and require various proofs such as purchase bills or receipt bills. 

Various adverse potentials such as corruption and unexpected costs can be reduced by using the project payment schedule template. Moreover, the project is quite large, such as construction. The implementation involves many parties, so an organized system is needed. Projects must always be profitable in an efficient manner.

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