When you submit a payment claim, it will automatically display in the Payment Register page. If it's a PCS project and you have enabled Payment Schedule, you will have to assess the claim first before proceeding with Payment Register.
When you receive payment (in part or full payment), you record the amount received against the relevant claim.
Payment claims with Not Paid status in the Payment Register are Unregistered Claims.
If your payment claim has Part Payment status, the Balance Amount is considered as the Unregistered Claim while the Total Amount Received is considered as Registered Claim.
UNREGISTERED TO REGISTERED CLAIM
Below is the current flow of your payment claim and how it goes from unregistered claim to registered claim:
With Payment Schedule
As you can see from the diagram below, the claim remains unregistered after the payment schedule. Once you receive payment (in part or full payment), you record the amount received against the relevant claim using the Payment Register. This is the stage where your unregistered claim is now registered.
Without Payment Schedule
Payment claim that isn't required to undergo payment schedule is considered as assessed claim and also Unregistered Claim. Once the payment is recorded, it will now be considered as Registered Claim.
WHERE YOUR DATA GOES
You submitted claims goes to the following features:
1. CEO REPORT
This feature allows you to view the progress of your projects for the past months. Keep track of your expenses and revenue.
2. FORECAST TOOL
This is the feature where you can view visual reports to see your project's status. It displays a summary of your expenses, labor costs, and overheads and allows you to forecast. It also provides you with an estimate of your net margin. Check out the Overheads.
You can view all your submitted payment claims under Total of All Project Revenue.
3. FINANCIAL REPORT AND FINANCIAL GRAPH
Financial Report contains the record of financial activities in your project. This includes both your expenses and revenue. You can filter out the payment claims under Type field.
Financial Graph contains the visual representation of your cash movement. You can also filter out data and choose graph type.
4. ACCOUNTING INTEGRATIONS
Your claims or invoices can also be transferred to your accounting softwares: MYOB, XERO or QuickBooks.
Some businesses have a structure that require the unregistered and registered claims to be separated. Many businesses where there is only one person recording the financials do not differentiate between the two. In the XERO page where you identified the Registered and Unregistered claims, you can integrate the claims at either stage that you wish.