Valuation & Variation


The application for valuation and variation handles the construction phase or 'post-contract' phase of the business, once a contract have been awarded it becomes available in the valuations and variations for future processing. There are three processing steps in any contract valuation management, they are confirmation, variation and valuation.


Processing

Select a contract and "Confirm works" to confirm the quantity or percentage of work completed to date. This also have the embedded variation application where are user can certify if actual quantities measured on the project is not same as contracted quantities. To value the works and generate a valuation certificate select "Value works" and enter your valuation data. It is important to enter percentage of tax and retention before the first valuation is done. Rapisurv can handle work-in-progress valuations and final valuation for "Measured work", "Percentage of completion" or "Milestone" methods.


Confirm works

  • Go to "Confirmation" tab 
  • Select the line items for confirmation of the works
  • Enter total measured quantity in the "Current Confirmed Qty" or "Confirmed %" if using the percentage option, and save
  • Rapisurv will calculate the total cost of the confirmed work and update the valuation module with the latest number


Variation

  • Go to "Variation" tab 
  • Select the line items with variance in scope for quantity certification
  • Enter total measured quantity in the "Certified Qty" and add notes if applicable and save
  • Rapisurv will generate a variation document and update the valuation module with the latest number


Value works

  • Open valuation certification page 
  • Rapisurv will present data on previous valuation and the current status value of confirmed
  • Enter your current valuation and few other data required
  • Rapisurv will calculate the retention, tax and amount due
  • Submit valuation and a certificate will be generated
  • Open the certificate and generate output to download it



Valuation reporting

There are in-app reporting for the valuation applications, you can view each confirmation or variation documents one at a time or review all together in the "Report of Variance" or the "general Confirmations" report.