Bill Fee-Based Contracts by Billing Phase

For projects with fee-based contracts, you can set up fee billing phase terms to allow for partial billing of the total fee based on the amount of work completed.

Prerequisite: You must select the Enable Posting by Billing Phase option on the Fees tab of the Billing Terms form before you can bill a fee-based contract by billing phase.

To bill a project by billing phases:

1. In the Navigation pane, select Hubs > Projects > Billing Terms.
2. On the Billing Terms form, open the project that you want to work on.
3. Click the Fees tab.
4. 
   
   Vantagepoint displays the Fee Billing Phases grid.
5. In the Fee Method field, select one of the following fee methods:
   • Percent Complete by Phase, as Percent of Fee
   • Pct Complete by Phase, as Fixed Amount
   Vantagepoint displays the Fee Billing Phases grid.
6. Select the Enable Posting by Billing Phase option.
   This setting is enabled by default.
7. Click + Add Billing Phase to add billing phases.
   You can also create a new phase by copying and modifying an existing phase.
8. Complete the information on the Fee Billing Phases grid.