Contents of the Fee Form
Use the fields and options to specify options for fee billing.
Video: See related video below
When you select either Enable Fee Entry by Billing Category or Enable Fee Billed Allocation Based on Transaction Detail, the change does not update the billing terms for existing projects. If you want to apply these options to existing projects, and you do not want to update the billing terms for each of those projects individually, you can use the Search and Replace utility to set the value of the BT.FeeByDetailEnabled field to Y for multiple projects.
<Company Name>
The heading changes to reflect the current company for which you want to configure the fee billing options. This section displays only if you are using multiple companies.
Field | Description |
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Use Scheduled Billing | Select
Yes or
No to enable/disable the Scheduled Billing feature. Use this feature to set up fee-based contracts so that invoices are automatically generated in Batch Billing and Interactive Billing. Invoices are based on a schedule of invoicing dates and percent complete or milestone amounts entered in the project's billing terms.
When you select this check box, the following items display in Vantagepoint:
You can turn the Scheduled Billing feature on or off at any time. If you turn it off after you have turned it on and entered scheduled billing information in Billing Terms, the scheduled billing information in Billing Terms no longer applies. You may need to adjust the billing terms for those projects. If you turn the Scheduled Billing feature back on again, the scheduled billing information previously entered in Billing Terms is available again; you do not have to reenter it. If you have multiple companies, you must turn on and set up the Scheduled Billing feature for each company in your enterprise, as needed. All lower work breakdown structure levels of a project follow the scheduled billing settings for the main project to which they belong. For example, if a main project belongs to a company that has the Scheduled Billing feature enabled and several of the project's phases or tasks belong to a company that does not have the Scheduled Billing feature enabled, you can still set up scheduled billing for the phases or tasks because the main project belongs to a company that has the Scheduled Billing feature enabled. If you use billing groups, all projects in a billing group follow the Scheduled Billing settings for the main project of the group. |
Override Prior Fee | Select Yes or No to allow/restrict the manual entry of the prior fee billings-to-date in Billing Terms. If you turn this off, Vantagepoint calculates prior fee billings-to-date based on actual posted invoice amounts. |
Fee Invoice Posting Section
Field | Description |
---|---|
Enable Fee Entry by Billing Category | Select
Yes or
No to enter separate fee amounts by billing category in Billing Terms. This setting can be overridden in the billing terms for individual projects.
If you do not select this check box, fee entry by category is not available, and the related fields do not appear on the Billing Terms form. If you enable this option, you cannot also select Enable Fee Billed Allocation Based on Transaction Detail. |
Enable Fee Billed Allocation Based on Transaction Detail | Select
Yes or
No to enable/disable the allocation of fee revenue based on the detailed transactions associated with the invoice. This setting can be overridden in the billing terms for individual projects.
If you enable this, the fee amount is allocated to labor, consultants, expenses, and units based on the total amount of transactions for each of these billing categories. Those allocated amounts are posted to fee billed revenue accounts associated with the billing categories, either the default revenue accounts on the Accounts tab of the Billing Setup form or override accounts specified on the Billing Terms form for the project. (For units, you can override the company default account either in the Units hub in the desktop application or on the Billing Terms form for the project.) If you enable this option, you cannot also select Enable Fee Entry by Billing Category. If you disable this, the fee amount is not allocated by billing category. The entire fee amount is posted to the billed revenue account for fees specified on the Accounts tab of the Billing Setup form. |
The following options and fields display when you select Yes for Enable Fee Billed Allocation Based on Transaction Detail:
Field | Description |
---|---|
Calculate Transaction Values At | Indicate in this field if you want
Vantagepoint to calculate the value of transactions based on their billing value or their cost amounts.
If you select Billing, Vantagepoint allocates fee revenue to each billing category equal to the total billing value of the transactions for that category that are associated with the invoice.
If you select Cost, Vantagepoint allocates fee revenue to each billing category equal to the total cost amount of the transactions for that category that are associated with the invoice.
Any difference between the fee amount for the invoice and the sum of allocated fee revenue amounts is posted to the account you specify in the Over/Under Billed Account field. |
Over/Under Billed Account | Use the Account lookup to specify the revenue account to which you want
Vantagepoint to post the difference between the fee amount and the sum of fee revenue amounts calculated from transaction detail. Most companies use a labor billed revenue account.
Example: If the fee amount for the invoice is 10,000, and the total allocated revenue calculated from transaction detail is 9,000, Vantagepoint posts the remaining 1,000 of revenue to this account. This account must be mapped in the Invoice Mapping Accounts grid of the Accounts Receivable settings form in .If your firm has multiple companies, you specify an over/under billed account for each of your companies. Vantagepoint always uses the account defined for the company associated with the fee. For example, if a project has phases that belong to a different company than the project and you set up a fee for a phase, Vantagepoint posts the variance amount for that fee to the over/under billed account specified for the company that is associated with the phase for which you billed the fee. |
Include Transactions From |
The transaction types that you determine the transactions included in the calculation of the fee billed revenue amounts for billing categories. These selections apply to all projects for which fee revenue is allocated based on transaction detail. For example, if you select only Labor and Consultant - Direct, Vantagepoint only calculates fee revenue for those billing categories and only includes transactions for those categories in the calculation. Transactions for the other billing categories are ignored, and no fee revenue is posted to the revenue accounts associated with them.
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Video
Title | Description |
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Learn how to set up Billing, including selecting options for preparing and formatting client invoices and tracking revenue and taxes. |