Create a deposit

Essentially a Deposit is a means to record a flat rate or percentage against the project, and generate an Invoice that the client will pay in advance. Then the idea being that the second invoice created with then 'deduct' the deposit from the next Invoice due. 

ClosedGetting Started

Setup required before use

 Who Can Use It? Where Is It?

Sub projects

 

Project manager

Director

Administrator

System Administrator

Projects > Invoices

Tip: Displaying a Deposit to your client relies heavily on having a document template setup properly.

Process a Deposit - Fixed fee types

This instruction is to be used for Fixed fee type (Fixed & Percent of project) sub projects. 2 document templates should be create to display the initial Deposit and also the next invoice to take into account the deposit. 

ClosedCreate the deposit invoice
  1. Set the full Fee against the sub project.
  2. Create and Finalise an Invoice for the amount of the deposit.
  3. Preview In MS Word® using the Deposit Invoice.
ClosedYour next invoice

The next Invoice that is generated will need to reflect the deposit that has already been generated. Again this all comes down to having a template setup to display the information to your client properly. 

Process a Deposit - Hourly Rate fee types

This instruction is to be used for Hourly fee type (Hourly cost/rate & Capped rates) sub projects. 2 document templates should be create to display the initial Deposit and also the next invoice to take into account the deposit. 

ClosedCreate the deposit invoice
  1. Create an Item Rate called Deposit with a Chg. value of $1.00, the cost will be zero.
  2. Allocate an Office item to the Hourly rate sub project - enter the amount of the deposit in the Units column.
  3. Create and Finalise an Invoice for the amount of the deposit.
  4. Preview In MS Word® using the Deposit Invoice.
ClosedYour next invoice

The next Invoice that is generated will need to reflect the deposit that has already been generated. Again this all comes down to having a template setup to display the information to your client properly. 

Attach transactions

If you're wanting to now attach some of the transactions that been entered since the deposit invoice was created you can use the Pre-billing wizard.

Want to learn more?

Looking for more help? Try reviewing the following topics: Concept Link IconView Topics

 

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