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The Payment Ledger in Vendor Contracts is used to track payments for completed and verified work items associated with the Schedule of Value (SOV). It provides a comprehensive overview of payments and associated details. Here are the key columns:

• Pay ID: A unique system-generated ID for each payment item.

• Payment Status: Reflects the current status of the payment.

• Budget Amount: The initial budget allocated to the work or product.

• Vendor / Company: The name of the vendor or company receiving the payment.

• Invoice Amount: The agreed payout amount from the SOV.

• Retainage Amount: x% of the Billing Amount. "x" is the Retainage % given during contract creation (only applicable is Retainage is enabled during contract creation)

• Pay Application Amount: The actual payment disbursed.

• Balance Amount: The difference between Pay Application Amount and Budget Amount.

• Invoice Date: The date when the invoice was generated.

• PO Number: A reference to the Purchase Order, either added manually or programmatically through external systems.

• Invoice: A link to the PDF invoice.

If SOV is set at the contract level and 'Auto Create Pay Application' is enabled, Pay Items are automatically generated in the 'Payment Ledger.' These items also appear in the 'Vendor Pay Application' (Vendor Pay App) in 'Draft' state for further processing. The Payment Ledger ensures transparent and accurate financial tracking within vendor contracts.