We are a property management company, manging about 1500 units in 18 RM properties and 4 commercial buildings in PM. We need a little help managing our contracts. For example, we signed a contract for roofing work for a property with several buildings. The contractor will bill us after each building is complete, creating separage invoices matching up to the contracted amount. Generally there is a down payment that we pay off the contract, reducing the contract amount.

Our current process is this: We receive a contract and enter the full contract amount as an invoice in AP. When invoices come in, they are sometimes directed to the AP person to match up with the contract but not always. Other times, they are scanned in as an invoice and routed through our TimberScan system for appropriate approvals, thus creating a duplicate invoice. We are then running into open contract (as invoices) in the system, even though the work is done and paid. 

Does anyone have a trick to keeping track of contracts? We do have the Contracts, AR and Billing modules, would we be able to use any of these?

Thanks for your help!