In this feature we are creating billing based on the milestone completed for the project. This feature allows professional services firms to automate and determine the accurate completion of the project.

User will create new project with the project group of fee type “Fixed fee time and material” and when the user opens the new fee management form, the line with fee type “Fixed fee time and material” will get automatically created. Once the user updates “Fee budget” then a corresponding fee forecast line will get automatically created on fee forecast form and billing rule will get automatically created on project contract form with the Fee budget amount.

Projects

A New button to create schedule milestone with different project date.

  • This button will be enabled only for fee type “Fixed fee milestone”.
  • Once user enter the fee budget amount in the fee management form, we are creating one line to Fee forecast form with the fee budget value and billing rule line with Type “Time and Material”
  • Fixed fee milestone can be allocated using “Milestone allocation”.

Fee forecast

When the user defines Fee budget on the Fee management form, automatically fee forecast line with defined Fee budget amount will get created on fee forecast form.

Go to Project management and accounting > Projects > All projects > Fee forecast

Billing rule

When the user defines Fee budget on the Fee management form, automatically billing rule line with defined Fee budget amount will get created on project contract form.

Go to Project management and accounting > Projects > Project contracts

Milestone allocation

A New button added in Fee management form to create milestone allocation for billing schedule.

Following fields are available on the slide form.

Fields Description
Project id Displays the selected project ID.
Fee budget amount Displays the total fee budget amount.
Total instalment amount Displays the total fee installment created as milestones in the allocation section.
Add Allows us to add the new allocation line.
Delete allows us to delete the allocation line.
Date Allows to enter the date for milestone or allocation.
Description Allows to enter the description for the milestone.
Amount Allows to enter the agreed milestone amount on the specified date.
Completed Allows to complete the selected milestone. Once this is marked as complete, invoice proposal can be created for that amount.

Project invoice proposal

User completed for the project on milestone form, where system will automatically create fee journal with the amount to be billed with posted status.

Go to Project management and accounting > Projects > Project invoice proposal

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