You can access the Payment Terms setting in the Control Panel to define payment terms for your projects and change orders. The default Contract report displays the payment terms.
To access the Payment Terms setting, click the following icon.
This will open the following form.
Add and Manage Payment Terms
You can add as many payment terms as you like.
To add a new payment term:
1/ Click New.
2/ On the form, do the following:
a/ Add a name for the payment term.
b/ Click New under Payments and add a new payment.
If you want a fixed payment, select the checkbox under Use Fixed Payment and add the payment value under Fixed Amount.
If you want to change a percentage of the total project bill, add the percentage under Billing Percentage.
d/ Repeat steps a to d to add multiple payments.
3/ Click Save.
When editing a payment term, you can add or delete rows and update the billing percentages as needed.
You can use the Move Up button and the Move Down button to rearrange the payments. When editing, you can also revert the billing percentages grid to the original value.
Set a Payment Term as Default
One payment term must be set as the default for projects. The default payment term will be used on new projects.
One payment term must be set as the default for change orders. The default payment term will be used on new change orders.
Payment Term in Projects and Change Orders
Within a project or a change order, there are additional fields: Billing Date and Billing Amount.
The Billing Amount field will automatically populate for percentages based on the project total. You can specify the billing date as needed.