Billing phased projects using billing schedules

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To bill your phased projects using a billing schedule, follow these steps:

  1. Open the Projects screen and create a project with multiple phases. Check Create Projects from Scratch and Add Project Phases for details.
  2. You now need to create a billing schedule for each phase. Select the first project phase on the grid and go to its Billing Schedule tab.
  3. Select a Reminder Date and % Contract Amount for the first scheduled payment. The Net Bill will be calculated based on the percentage. Check Create Billing Schedules for details.
  4. Repeat this process for subsequent payments until you have created the full billing schedule for that phase. You can change the amount later also.
  5. Similarly, create billing schedules for other phases. You can run the Billing Schedules report from the Reports screen and check the details, if needed.
  6. The project manager will receive a reminder when the client’s payment date hits the current date. You can go to the Invoices screen and click Create New > Batch Invoice. 
  7. Use the filters to select the first phase and continue. The Net Bill is brought forward from the billing schedule but you can change it here.
  8. To create an invoice, select the billing records and click Actions > Process as Final. Check Invoices for details.
  9. You can go back to the Projects screen to view the billing history and account details of this phase.
  10. When you have billed the client, you can run the same Billing Schedules report. It is the same report as before but now you can see what has been billed and what remains.

 

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