Invoices - Common Terms

Please review this article for the definitions of common terms you'll see in the Invoicing module of FP. 

Interim - Any invoice you create while the job is still active, and having time tracked to it. An interim invoice can be created once there is a job in place, and can be calculated based on estimated values, actual values, or another value of your choosing.

Final - The last invoice you create for a job. The invoice you create when you are ready for the job to be closed, and for no more time to be tracked. Creating a Final Invoice will move the job to an inactive status, and no longer allow for time to be tracked to the job.

To learn the basic steps for creating an Interim or Final Invoice, please review this article: Creating Interim & Final Invoices - Basic Steps

Deposit - An amount of money you accept from your client, for work that has not been determined or done as yet. Deposits can be added to a Job (as above), a Project or a Company. Most suitable for clients using accrual accounting.

To learn more about creating deposit invoices, please review this article: Creating Deposit Invoices

Calculate From:

None - Will generate the invoice with no values pre-selected, nor timesheets or expenses automatically included. All values will be available to add in as you wish, but you'll start with a blank slate so to speak.

Estimated - The dollar values that you inputted when building the estimate for this job.

Actuals - The dollar values of the timesheets and/ or expense forms for this job. (see more below)

Remainder from Actuals- Value of what is left to be invoiced, based on the actuals to the date of the invoice. (see more below)

Remainder from Estimated -  Value of what is left to be invoiced, based on the estimated amounts on the date of the invoice.

Why would you choose Remainder from Actuals?

Why would you choose Remainder from Actuals?

Selecting Actuals will create an invoice with a value that equals all of the unbilled timesheets and expenses. Selecting Remainder From Actuals will create an invoice with a value that equals the difference between what has been previously invoiced, and the billable value of all the timesheets and expenses.

If you always invoice timesheets and expenses for 100% of their billable value, then selecting Actuals or Remainder From Actuals will result in the same value. However, if you invoice any timesheets or expenses for more or less than their billable value, then the following invoice will have a different value depending on if you select Actuals or Remainder From Actuals. Example:

One timesheet with a value of $100. You invoice it for $50. You then enter another timesheet with a value of $100. You now have 1 billed timesheet (billed for less than it's value) and 1 unbilled timesheet. You then create another invoice. Selecting Actuals will create an invoice for $100 (the value of the unbilled timesheet). Selecting Remainder From Actuals will create an invoice for $150 (the difference between what had been previously invoiced, and the billable value of all timesheets).

Billing Percentage - You can choose to invoice a percentage value or the estimated or actuals. Do so by entering a number here on the Invoice Add Page, or the subsequent Invoice Details page. If you need to invoice 50% now, you would enter 50 into this field.

Activity Description - An optional field through which you can further classify your invoices. For example - "one-time invoice" or "3 month invoice" or "for services rendered." Create or edit these descriptions via the Admin menu > System Set Up > List Maintenance.

Payment Notes -  A great method for quickly adding a comment on your invoices. Pre-built messages such as "Thank you for keeping your account up to date", or "Please note our offices are closed for one week in December." Create or edit these notes via the Admin menu > System Set Up > List Maintenance.

Payment Method - When the client does pay the invoice, in part or in full, go back to that invoice to mark the payment. Be as general or specific (ie. Credit Card Names) as you like. Add to or edit these options via the Admin menu > System Set Up > List Maintenance.

Single Multi Job Invoice - A solitary invoice for multiple jobs, all of which are for the same Company.

Caveats:

  • Has to be for 1 Company
  • Can be created from Company, Project or Job Find list view
  • Generates 1 Invoice, with all the selected Jobs on it
  • More invoices cannot be added to this later
  • Will have a "B" at the beginning of the generated invoice number

Batch Invoice - A group of invoices for multiple jobs, that may or may not be for the same Company. Each job within the batch gets its own invoice.

Caveats:

  • Can be for 1 or more Companies
  • Can be created from Company, Project or Job Find list view
  • Generates 1 Invoice per included Job
  • Future invoices can be associated to this Batch later as needed
  • Each invoice has its own invoice number

Print Parameters -  Through Print Parameters, you can enter an alternate address for the company you are invoicing. You can also tell the printout to use the Contact address rather than the Company address.

Via Print Option B, you can enter custom description(s) and value(s) for this invoice.

Print - Choose from amongst invoice printouts you have created. To learn more about creating your own invoice printouts, please review this article: Add a Printout - Invoice Single

We welcome your questions or concerns: support@functionpoint.com

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