Draw Schedules

Use Draw schedules to set up a schedule of payment amounts for Projects.

HINT-- Draw schedules work best for projects that have payments at project "milestones". The Goldenseal accounting software and project management software uses the draw schedule to calculate the amount owed at each milestone.

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Billing Software | Project Billing Software | Project Management Software | Accounting Software

Entering Draw Schedules

To enter a Draw Schedule, follow these steps:

Choose Income Setup from the Income menu, then choose Draw Schedules from the submenu.
Click the New button, or click on an existing item and click the Edit button.
Enter details about the draw schedule.

Data Fields

Enter the following information for each Draw Schedule:

Name-- Enter a brief name for the draw schedule.
Description-- Enter any comments you have about this draw schedule.
Deposit-- If there is an initial dollar amount that you use as a deposit, enter it here.
HINT-- If you use a deposit that is a percentage of the project amount, enter it as the first project phase and turn on the First Item is Down Payment checkbox.
Final Payment-- If there is a final dollar amount that you charge at the end of the project, enter it here.
HINT-- If you use a final payment amount that is a percentage of the project amount, enter it as the last project phase. If you "hold back" retainage from each billing amount, enter that into the Project Payment Terms.
Calculation Method-- Choose the way you'd like to calculate the draws. You can use a percent of the contract price for each phase, or a fixed dollar draw.
First Item is Down Payment-- Turn on the checkbox if the first draw schedule item is a down payment.
Total-- Goldenseal automatically calculates the total amount for the phases in the phase table.
HINT-- If you are using Percent as a calculation method, the total must eventually add up to 100%.

Percentage Draws

Enter 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 Draws

Enter 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 Table

Enter 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 Payments

If 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 Schedules

Enter 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.