Manage Milestone Percent Complete Bills
Use this screen to manually enter milestone or percent complete bills. With this screen, you can bill a pre-determined percentage of the scheduled value when certain milestones have been reached for a project.
For designated projects, even when a project is not fully complete, partial billing is allowed. You can use this screen to customize your bills to fit the requirements of your customers.
A milestone/percent complete bill:
- Is a type of manual bill
- Is formatted for column selection on the Report Options tab
- Accepts, via the Misc Charges tab, miscellaneous charges for each bill such as freight or sales/VAT tax
- Can include applicable sales/VAT tax that is entered on the Misc Charges tab
- Updates only A/R history (Manage Accounts Receivable History screen) and G/L detail (AR_HDR_HS, GL_DETL, GL_POST_SUM, FS_SUM) (MILESTONE_INVC_HDR, MILESTONE_INVC_LN)
- Is not updated by the Calculate Standard Bills screen
- Does not update Billing History tables
- Is not deleted during the posting process
- Does not remove billable transactions from Open Billing Detail
- Cannot use Costpoint's Reverse Billings for adjustments
- Can be used with Costpoint's Pay-When-Paid feature
To prepare a milestone/percent complete bill, enter the scheduled value of the individual milestones, along with the percent complete and retainage percentages, on separate billing lines. Costpoint calculates the amount billable and, after subtracting previous amounts billed and adjusting for any retainage, the total amount due for each milestone. You can also include sales/VAT tax and miscellaneous charges on the bill. You can add lines of text, where appropriate, to provide greater billing detail for your customers. When printing your milestone bills, you can select up to five different columns of information to print on the bill. The column names and the order in which they are printed can be customized for each bill.
Unlike the Manage Project Product Bills screen and Manage Customer Product Bills screen, the Manage Milestone Percent Complete Bills screen does update billing information when the bills are posted. During the Post Milestone Percent Complete Bills process, the Current Amount Due column is added to the Previous Amount Billed column. Then the Current Amount Due column is zeroed out. When the next bill for a project is entered, the cumulative information from the previous bill is displayed in the Previous Amount Billed column.
| How Posting Affects Billing Balances | Current Amount Due | Previous Amount Billed | |
|---|---|---|---|
| Before Posting Bills | 80 | 60 | |
| During Posting | 80 | Added to + | 60 |
| Immediately After Posting Bills | 0 | 140 |
Also, during the Post Milestone Percent Complete Bills process, Costpoint adds the Current Retainage Due column to the Previous Retainage Billed column. Then the Current Retainage Due column is zeroed out. When you enter the next bill for a project, the cumulative information from the previous bill is displayed in the Previous Retainage Billed column.
| How Posting Affects Retainage Balances | Current Retainage Due | Previous Retainage Billed | |
|---|---|---|---|
| Before Posting Bills | 90 | 40 | |
| During Posting | 90 | Added to + | 40 |
| Immediately After Posting Bills | 0 | 130 |
To enter invoices into this screen, you must first set up projects on the Manage Project Billing Information screen with a billing formula of Enter Bill Manually. The customer must already be set up on the Manage Customers screen. Depending on your bill, you may need to set up one or more of the following items in Costpoint before you use the Manage Milestone Percent Complete Bills screen:
- Enter the retainage percent, if applicable, on the Manage Project Billing Information screen. The retainage percentage can be modified at the line item level if the selected Retainage code for this project is Line Item. This is done on the Summary Information tab if you are using the Total retainage method or in the retainage Percentage column if you are using the Line Item method.
- If sales/VAT tax is accrued on invoices, you must initialize the tax table with the applicable sales or value added tax rates (use the Manage Sales or Value Added Taxes screen).
- If you plan on using the Other Charges feature, enter the codes for these billing lines on the Manage Other Charges screen.
- If discounts are reflected on invoices, you must initialize the accounts receivable default accounts on the Configure Accounts Receivable Settings screen before posting these invoices.
This screen has six tabs:
- Bill Details: Use this tab to select the customer, the terms, purchase order number, invoice date, invoice ID, due date, retainage method, status, and transaction currency.
- Addresses: Use this tab to review and modify the bill address and remit to address.
- Misc Charges: Use this tab to enter sales or value added tax and miscellaneous charges.
- Report Options: Use this tab to format the columns on your bills. You can also select various bits of information to print in the header or footer of the bill.
- Summary Information: Use this tab to summarize the various columns of the bill to allow easy viewing of the current and cumulative amounts of the bill.
- Statement of Work: Use this tab to enter a Statement of Work that can be printed on the bill.