How Do I Create Billing Schedules?

See Also

 

A billing schedule represents a decision to bill projects for a specified amount at a future date. While you can define a billing schedule for any contract type, you would most commonly use it for fixed-type contracts. You can also create billing schedule for projects with milestone billing, wherein the project manager makes the billing decision rather than the billing manager. Architects and engineers make payment schedules based on milestones achieved while working on projects.

 

Depending on your needs, you can define billing records for the entire life of a project, or only for the initial period of work. You can add, edit or delete billing records any time before generating an invoice in Manual Invoice or Billing Review screen.

 

You cannot create a billing schedule for a Recurring, Recurring with Cap and Recurring + Expenses contract types.

 

You can set up your billing schedule at a basic level with a few mouse-clicks or at an advanced level with all the details. Please read the desired sections.

 

Basic Setup

To create a billing schedule:

 

  1. Open Project screen from the Lists menu.
  2. Click the ID of a listed project.
  3. Move to the General tab and enter a value in the Contract Amount field.
  4. Click Save and then Return.
  5. Click Billing on the navigation bar and select the Billing Schedule tab.
  6. Click New and select a Project from the list.
  7. Enter an Amount for the invoice before a retainer amount (if any) is applied. Else, use the % Contract Amount to calculate the bill amount automatically.
  8. Press Tab or click in the next field.

 

Net Bill amount for the invoice is auto-calculated (Amount – Retainer). Net Bill on a billing schedule is not the same as a project’s Net Bill on the Billing

      Review screen.

  1. In the Reminder Date field, enter or select a date from the drop-down calendar. On the specified date, BillQuick Online reminds you to generate an invoice from the scheduled billing record.

 

Advanced Setup

To add additional information:

 

  1. Apply a part of the project retainer to the billing record (if available) in the Retainer field. Alternatively, specify a % Retainer.
  2. Press Tab. Notice that the Net Bill (Amount - Retainer) is auto-calculated for you.
  3. Mark the ‘Ext’ field if you want to charge time entries flagged ‘Xtra’ against the Contract Amount. Unchecked, these entries are billed in addition to the Contract Amount.
  4. Mark the ‘Exp’ field if you want to charge expenses against the Contract Amount. Unchecked, expenses are billed in addition to the Contract Amount.
  5. Enter any important Note, and if desired, mark the ‘Show Notes on Invoice’ option.
  6. When you have finished, click Save and then Return.

 

Check out BillQuick Online Training for a standard or custom training course for Billing Managers.