Price Quotes > Price Quote Billing Plan

Owned by Kye Hush
Last updated: Jan 19, 2022 by Chris Vo
4 min read

The price quote billing plan is used to forecast the date and value of each billing milestone. If required, the data from the billing plan can be used to populate billing forecast reports, the cash flow forecast module, and the quote document.

ON THIS PAGE YOU WILL FIND:

ON THIS PAGE YOU WILL FIND:

CREATE A BILLING PLAN

When a price quote is created on a job, a billing plan is also automatically created. You can either leave as is, or, add additional lines and split the total amount into various billing amounts and dates.

  • In the jobs list > select the job

  • Click on the price icon in the left-hand navigation

  • Go to the billing plan tab

  • The automated billing plan takes the total amount of the price quote and uses the job end date to forecast when the billing will take place

SPLIT THE BILLING PLAN INTO MULTIPLE AMOUNTS

Billing clients is not always as straightforward as invoicing the total amount of the price quote at the end of the job. Therefore, WorkBook allows you to amend the billing plan to forecast more accurately.

  • To add in additional billing lines, click the add new payment button

  • Complete the following:

    • Date: the date to be billed

    • Invoice type: select either “Invoice on Account” or “Partial invoice”. The default is “Invoice on Account”.

    • Description: a short description/note for this billing plan.

Then either enter the amount to be invoiced in the currency amount column, WorkBook will calculate the currency amount % accordingly;

Or enter the percentage to be invoiced in the currency amount % column, WorkBook will calculate the currency amount accordingly.

Add as many lines as required for your billing plan, e.g. if you are invoicing the client 20% up front, followed by two further payments of 40% each, your billing plan may look like this:

The currency amount and currency amount % on the final invoice line will be re-calculated to display the remaining amount after adding new billing plan(s). This can’t be edited manually.

SPLIT THE BILLING PLAN INTO EQUAL AMOUNTS

If you need to create multiple lines of equal values, you can use the multi-payment lines function.

  • Click the add multi-payment lines button

  • Setup the following:

    • First payment date

    • Number of payments

    • Frequency

    • Rounding

    • Description

  • Click ok

  • WorkBook will then create the lines accordingly.

HOW THE DATE WORKS

WorkBook looks at the month and year of the date field and forecasts the amount on that line into the correct month and year

In the example below, $2,860 will be forecast in July 2020 and $2,860 will be forecast in September 2020.

The day of the month is not referenced, so you just need to make sure the month is correct when you create and maintain your billing plan.

AMEND YOUR BILLING PLAN

You can amend a billing plan at any time while the price quote is “under preparation”. Once the price quote is “approved” you can only edit if you have permission.

  • To amend the billing plan while the price quote is still “under preparation”

  • Click in the cell you wish to amend and make the changes

  • To amend the billing plan once the price quote is “approved”

  • Check the allow to edit billing plan button

  • You make amendments to any of the cells highlighted in yellow

  • Any amendments you make will be date stamped in the update date column

  • A record of the person who made the update will also be included

  • The billing plan can be used to forecast revenue according to expected billings via report 426

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