Goldenseal Project Billing Software-- Down Payments

Project Deposits & Down Payments

How do I enter deposits or down payments at the start of a project?

In Goldenseal project billing software, the way you'll handle payments at the start of a project depends on the billing type. There are three basic types of project billing, and project down payments work slightly differently for each.

HINT-- For small, quick projects that get a single payment, you can also use a Sales transaction. When you receive funds, you can print a payment receipt diretly fro the Sale.

Draw Schedules

For a Draw Schedule project, you can either type in a separate down payment, or set up the down payment as one of the steps in the Draw Schedule.

If the down payment is a fixed dollar amount, simply type it into the Deposit field.
If the down payment is a percentage of the total contract amount, type it in as the first Project Phase, and turn on the First Item is Down Payment checkbox. Then enter the rest of the project into additional Project Phases. For example, you might use a 3-step Draw Schedule that includes a 10% deposit, 45% on completion of framing, and 45% at the close of the project.

When you are ready to start the project and accept the down payment, follow these steps to create a bill for it:

Choose Billing from the Bank menu, and choose Draw Schedules from the submenu.
Double-click on the project.
Put a checkmark next to the first item in the Draw Schedule.
Click OK.
Click the Create Bills button.

Use the Deposit Funds command to deposit the check into your bank account.

Follow the link for more about draw schedule billing in the Reference manual.

Progress Payments

Progress Payment billing is based on actual work completed. There are two ways you can handle deposits or down payments for that type of billing.

OPTION 1-- Add a project category for work at the beginning of a project.

With this option, you'll add a line item in your estimate for the amount of the down payment. You can just call it "down payment", or you can have it cover estimating and design work, contract preparation or other tangible tasks.

When you are ready to start the project, create a regular Progress Payment bill, and mark off the down payment items as completed.

OPTION 2-- Enter a payment On Account.

With this option, you will simply accept a pre-paid advance against future work.

Follow these steps to enter a down payment directly, without using a Progress Payment bill for it:

Choose Checking Transactions from the Bank menu, and choose an account from the submenu.
Click the New button.
Enter Deposit into the Type field at the top of the window.
Enter Project into the Received From popup field.
Enter this project into the Account clairvoyant field.
Enter the amount of the deposit.
Enter Received On Account into the Transaction Paid popup field.
Hit the Enter key to save the record.

When you start billing for actual progress, Goldenseal will deduct the On Account amount from the progress payments.

Follow the link for more about progress payment billing in the Reference manual.

Time and Materials

Time and Materials billing is based on actual expenses.

If the project uses a down payment or deposit at the start of the project, follow these steps to enter it:

Choose Checking Transactions from the Bank menu, and choose an account from the submenu.
Click the New button.
Enter Deposit into the Type field at the top of the window.
Enter Project into the Received From popup field.
Enter this project into the Account clairvoyant field.
Enter the amount of the deposit.
Enter Received On Account into the Transaction Paid popup field.
Hit the Enter key to save the record.

The first bill for actual expenses will subtract the deposit from the total amount owed.

Follow the link for more about time and materials billing in the Reference manual.

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