Use Project Payment billing for projects that have payments based on the work completed for each phase of
HINT-- Project Payment billing is a very useful part of the Goldenseal accounting
software and project management software.
Progress Payment Billing BASICS
When to Use | Setup | Billing
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When to use Progress Billing
Use progress payment billing for large projects that will be paid in several installments, with
each payment based on the work completed so far.
You can base progress billing on three types of project milestones:
- Progress on categories of work within the project
- Progress within different locations or phases
- Progress on specific items of work
Project Billing Setup
Follow these steps to set up for progress payment billing:
- Create a Customer account for the person or business who is paying you for the work.
- Create an Estimate that
describes the work you'll do. Use an item breakdown to list specific assemblies, or
a category breakdown to type in a brief description for each task.
- Create a Project account, and enter the estimate into the Estimate field.
- Click the More Info button, and enter one of the progress billing types into the Billing Type field.
- Click OK.
Progress Payment Bills
To create bills for several progress payment projects, follow these
To create a bill for one progress payment project, follow these
- Choose Billing from the Bank menu, and choose Progress Payment from the submenu.
- Select the projects that are ready to bill now, and click the Create Bills button.
- Goldenseal will create Billing Records with a Progress Payment breakdown that itemizes the progress for each category or location in the project.
- Choose Billing Records from the Bank menu.
- Click the New button.
- Enter Project into the Account Type popup menu.
- Enter a project into the Account field. The project must have Progress by Category or Progress By Location as a Project
- Enter Progress Payment into the Breakdown popup menu.
- Goldenseal will automatically fill in a list of categories or locations. Enter the percentage completion for each item, and Goldenseal will calculate
the amount to bill this period.
The Goldenseal software shows the following information
in each column of a progress payment
Bill-- Turn on the checkmark to bill for this phase now.
Phase-- Each project category or location is listed here.
Contract-- Goldenseal lists the contract amount for each phase.
Percent Done-- Enter a percentage done, if a phase is only partly complete.
HINT-- If you enter a percent done, Goldenseal calculates the value done.
Value Done-- Enter a dollar value for the amount completed for a phase.
HINT-- If you enter a value done, Goldenseal calculates the percent done.
Previous-- Goldenseal lists the amount of any previous draw billing.
Current-- Goldenseal shows the amount that has been completed in this bill.
Bill Now-- Goldenseal shows the amount that you are billing for in this bill.
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