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Draw Schedules |
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DRAW SCHEDULE BASICS RELATED TOPICS Entering Draw SchedulesTo enter a Draw Schedule, follow these steps:
Data FieldsEnter the following information for each Draw Schedule:Name-- Enter a brief name for the draw schedule. Percentage DrawsEnter Percentage into the Calculation Method field if you always draw the same percentage at the completion of each phase of a project.When you do Draw Schedule Billing Goldenseal will subtract the amount of the Deposit and Final Payment
from the total project cost, and then bill for the percentage of the remaining cost in each draw schedule phase. Fixed Amount DrawsEnter Dollars into the Calculation Method field if you always draw the same amount at the completion of each phase of a project.HINT-- Fixed amount draws usually make sense only for projects that cost about the same as the total for the draw schedule. When you do Draw Schedule Billing Goldenseal will bill for the amounts that you enter, until the full project price
has been reached. Using the Phase TableEnter the phases that you want to include in the draw schedule, and the percentage or dollar amount for each item.To add a new phase, click in the bottom row and hit the Return key (Mac) or Enter key (Windows). If you use Percentage as a calculation method, the percentages must add up to 100%. Deposits and Down PaymentsIf you charge a fixed dollar amount as a down payment for this type of project, enter it into the Deposit field.If you charge a percentage of the project cost as a down payment, enter it as the first line item in the draw schedule table, and turn on the First Item is Down Payment checkbox. Goldenseal will include the deposit/down payment amount in contracts. NOTE-- If you enter a deposit AND set the first item as a down payment, Goldenseal will add the two amounts together when
it calculates the down payment amount. Using Draw SchedulesEnter a Draw Schedule in Project accounts that use Draw Schedule as a Billing Type.HINT-- Draw schedules work best for relatively simple projects where you can bill fixed amounts at certain times. For more complex projects, consider doing Progress Payment billing instead. The draw schedule will appear when you do Billing for draw schedule projects. You'll also see the draw schedule in Billing Records for draw schedule projects. Main Page | Accounts | Lists | Transactions | Menus | Index | Website | User Page |