G702/G703 Excel Template Alternative

The problem with Excel pay app templates

An Excel G702/G703 works until someone changes a row. Then percentages stop adding up, retainage is off by a few hundred dollars, and last month’s numbers do not carry forward cleanly. A calculator that enforces the math removes that risk.

What the math has to do

• Work completed to date = Scheduled value × percent complete, plus stored materials.
• Retainage = Work completed × retainage rate.
• Total earned less retainage = Amount earned.
• Current payment due = Total earned less retainage, less previous payments.

Where errors usually hide

• Previous payments not matching what was actually paid.
• Percent complete entered as more than 100% on a line.
• Retainage calculated on the wrong base.
• Change orders added to the contract sum but not the schedule of values.

Run your numbers through the calculator to cross-check your Excel, or use it as the source and copy the totals onto your AIA form. This is a calculation tool; the official AIA forms are a copyrighted product of the AIA.

Carry draws forward

Each month’s application starts from last month’s completed work. DrawTrack Pro saves each draw per project and carries previous payments forward automatically.