Create invoice schedule on a project contract line
You can attach an invoice schedule to a project-based contract line. Invoices can only be generated once the contract is won, and a project contract is created. Invoice schedules automate the creation of draft invoices for project-based contract lines. However, if you prefer to create invoices manually, you can choose not to set up invoice schedules for the contract line or project-based contract.
Create a time and material invoice schedule for a project-based contract line
Go to Settings > Invoice Frequencies to set up invoice frequency.
Open the project contract and on the Summary tab, set the requested delivery date.
Open the time and material contract line that you want to create a date-based invoice schedule for.
On the Invoice Schedule tab, select a billing start date and the invoice frequency.
On the subgrid, select Generate Invoice Schedule.
Create a fixed price invoice schedule for a project-based contract line
Go to Settings > Invoice Frequencies to set up invoice frequency.
Open the project contract and on the Summary tab, set the requested delivery date.
Open the fixed price contract line on which you need to create a milestone schedule.
On the Invoice Schedule (Billing Milestones) tab, select the billing start date and the invoice frequency.
On the subgrid, select Generate Periodic Milestones.
Billing milestones must match the contracted value of the project-based contract line. If they don't, an error will occur. To resolve this, ensure the total of the billing milestones equals the contracted value by creating, editing, or deleting milestones as needed. After making the adjustments, refresh the page to apply the changes.
Manually create milestones
Open the fixed price contract line on which you want to create a milestone.
On the Invoice Schedule tab, on the subgrid, select + Create new Contract line milestone.
On the Milestone Creation form, enter the required information based on the following table.
A milestone-based billing schedule allows companies to invoice customers at predetermined amounts and dates throughout the course of a project. Additionally, there is a variation of this feature where a portion of the milestone amount is invoiced periodically, rather than the entire milestone being billed at once. This functionality enables project managers to break the contract value into a detailed schedule of values, with invoicing occurring based on the progress of the work.