Using the asphalt price index can be complex when used to calculate the amount and quantity needed for an invoice. Polaris Business Solutions has worked to build functionality suited specifically for Acumatica. Formulas embedded right into Acumatica have created a simple and easy-to-use system when considering the asphalt price index. The process can easily be streamlined for quoting, invoicing, and revenue recognition.

There are three major steps to look at when dealing with the price index for the asphalt industry. In Acumatica, the project, quoting, and invoicing steps all deal a small portion with the price index. First, during the quoting process in Acumatica, users will create a Business Account that will be associated with the quote and eventually the project. On the quote, as shown above, a user will enter an inventory item in the details portion of the screen. It is shown there whether that inventory item is subject to the asphalt price index.

Once the quote has been created, users will convert to a project where additional information such as the location, budget, billing settings, change orders, and equipment required for the specific project can be visible on this screen.  There are several other tabs related to the project that house information from Acumatica in the project.  One of the most important is the revenue budget tab. Here users can see information related to the project task associated with this inventory ID from the above quote. This line item will show the original budgeted amount and quantity as well as the revised quantity and amount. The invoice amount will be calculated to account for the price index.

The final step to this process is creating the invoice from the project. The information needed for the invoice is pulled in from the project. The user can enter the quantity to be billed on the invoice.

Acumatica uses information stored and preset in the system for the asphalt price index to calculate the estimated price based on the date of the invoice.

If you think your asphalt company could benefit from an all-in-one system like Acumatica, please reach out to Polaris Business Solutions. Our contact information is info@polaris-business.com.