3,954
We want to have a Fixed Price project and bill in four installments, each installment being a certain percentage of the project amount. How would we set this up so that each bill would calculate based on the percentage of that installment?
*This post is locked for comments
I have the same question (0)
DebN to set up PA to bill specific % of Fixed Fee requires a little work at the Project Cost Catagory Budget line level each time you are wanting to prepare a billing.
What we have (as example) is the following.
Project Fee 100,000
CC Line Labor shows the Forecast and Baseline billing amounts
CC Line Labor also holds the Actual amount of hours posted to the Job
It is the Budget line Hours that we have to manipulate to get the billing % figured out.
If you want to bill 25% of the job, and have 25 hours entered on the Actual Line - you would take the hours divided by the % and it results in a value that you then plug into the Budget Hours field.
In this case - 100
The % Complete field on the far right of the screen then updates to show 25% complete.
Next billing cycle you do the same thing. Look at the total hours entered, divide by the desired percentage to bill and enter the hours in budget.
Keep in mind the % Complete and the % Billed are based on a rolling total. Each time you bill the system knows that value and so while in the second billing, you bill 50% - you are not getting 50% of 100,000 - you are getting 50% of 100,000 less the previously billed percentage.
I have attached a general Project Screen to show you where we are doing this. To get here - Project >> Project >> enter project number - click on Budget button - select cost category - click blue arrow expand
If you have more questions, please let me know.
Share
Report
All responses (
Answers (
