Billing Rule Based on Agreed-Upon Milestones

Project accounting allows you to define billing rules to be used during the invoice process for a project. Billing rules define the timing and amount depending on the customer’s contract.

Setting up the Billing Rule

1. Go to Project management and accounting > Common > Projects > Project contracts and select the project contract record to setup the billing Rule and click on the ‘Edit’ button:
2. In the Project contracts form, on the Billing rules FastTab, click Add.
3. In the Billing rules form, click New, and then, in the Line type field, select Milestone
4. On the Milestone FastTab, click New, and then, in the Project date field, enter a date on which to create an invoice. By default, the current date is automatically entered.
5. In the Project ID field, select the Fixed-price project to apply the milestone to.
6. In the Sales currency field, select the currency to use in an invoice for the milestone. By default, the currency is copied from the project contract for the project that you selected in the Project ID
7. In the Sales price field, enter an amount to bill a customer when the milestone date is reached.
8. Click on the ‘View Details” button to review the on-account transaction
9. Repeat steps 5 to 7 to add the second milestone as shown below.
10. Close the Billing Rules form

Marking the Milestone as Complete

1. Go to Project management and accounting > Common > Projects > Project contracts
2. Select ‘Maintain’ tab and click on the ‘Manage Contract status’
3. On the Contract Status form select the ‘Update milestone status’
4. Mark the milestone as complete by checking the ‘Mark as complete’ checkbox and close the form

Create Project Contract Invoice Proposal

1. Go to Project management and accounting > Common > Projects > Project contracts
2. Select ‘Maintain’ tab and click on the ‘Invoice proposal’ button
3. The Invoice proposal record will be displayed for invoice amount of 300,000.00, click Post.
4. Click the ‘Post’ button on the Invoice proposal record to post the invoice 
5. In the ‘Post invoice proposals’ click OK

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