Project Advance Billing Options

Summary

Project Advance Billing Options

Content

Hello,

I would like to see how advance billing is handled in Contracts.

Here is our scenario:

1. Contract Amount: $1,000,000
2. Advance Payment: $250,000
3. After a project has spent $250K, then the billing quarterly on actual cost basis.

I understand that I can create an Event of $250K and create an invoice upfront. But how can we configure the system that will track the project spending of $250K without creating any additional invoice? And also, as soon as first $250K of costs have incurred, it switches to quarterly billing.

 

Thanks.