The AIA G702 G703 Invoice Template is a standard form used in construction to request payments. The contractors and project managers use it to submit payment applications while ensuring they follow the contract rules.
The template has two sections, G702, which summarizes the payment request with project details and the amount due, and G703, which contains work items with costs, showing completed and remaining work.
This invoice template comes in Google Docs and Google Sheets, so you can add project details and adjust financial information to fit your needs.
The template consists of two main sections:
This section provides a summary of the payment application and includes
This section provides a detailed breakdown of completed work and includes:
The AIA Invoice Template offers many benefits, including:
It ensures consistency and clarity in billing and speeds up the payment approval process.
The template helps contractors and owners manage cash flow by providing a structured payment schedule.
It improves financial tracking and makes reporting more efficient by offering a clear record of payments, retainage, and outstanding balances.
It reduces errors and misunderstandings between parties by clearly tracking work progress, approved changes, and financial details.
The template ensures that payments align with contract terms, which improves communication between contractors, owners, and financial teams.
It is easy to fill out your Google Sheet or document invoice in simple steps:
Start by entering details in the header section, including the project name, company information, invoice number, and billing period.
In this step, fill out the contract values, approved change orders, completed work, stored materials, retainage, and total amount due.
Then, list individual work items, quantities, related costs, including the scheduled values, completed work, stored materials, and retainage. Make sure to calculate total costs, previous payments, and the remaining balance accurately.
After that, review all information for accuracy. Then, send the template to the architect for final approval and certification of the approved payment amount.
Then, obtain signatures from the contractor, architect, and owner.
At the end, save a copy of the template for needed reference.
The AIA invoice template is beneficial to contractors, construction project managers, architects, and project owners. It helps manage payment applications, contract values, completed work, and change orders, ensuring transparency and financial tracking throughout construction projects.
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