In this communication, we take a deeper dive into a valuable feature in GCPay that you may not yet be aware of, but could benefit from using! 

General Contractors Need
Stored Material Automation

Billing for stored material has become commonplace in construction today, although not every general contractor can easily automate this component into their billings. Subcontractors were frequently underbilled on projects and one of the most common reasons was the inability to bill for material storage for projects. This is why the stored material line item for contracts and billings was created and is much more frequently used today.

Just because the feature is commonplace…doesn’t mean it’s easy for general contractors to accommodate. It’s an additional line item captured during the schedule of values and then paid with approved pay app submissions. GCPay allows subcontractors to add financial values for “stored material” when submitting an SOV on a project. To better help general contractors and subcontractors manage expenses, it’s a separate column that helps isolate the amount of the SOV that is dedicated to this need which helps with tracking and reporting. GCs can “block” this feature and not allow for stored material billing by having a GCPay support member enable the feature. Conversely, GCPay also allows for GCs to require subcontractors to manually move stored material with each pay application. This feature gives general contractors the ability to track stored material as much or as little as each user wishes.

The Manually Stored Materials feature, when enabled, will require subcontractors to manually deduct materials installed from the Material Stored column (column F) and add them to the $ This Period column (column D) with each new payment application. Subcontractors manually move material only when said material is installed.

When unchecked, stored material will automatically move from column F to column D the following pay period. Historically, this option could be toggled by either the general contractor or the subcontractor. This presented issues, as some general contractors did not want their subcontractors to bill for stored materials in this way.