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Retainer invoice example for organizations

thank you for tuning in to this how-to video on the retainer billing cycle there are four billing cycle methods available on the project manual periodic Milestone and retainer the retainer billing cycle enables you to raise fixed fee periodic billing events this will be ideal for companies that want to charge their customer a fixed fee on a retainer-based support agreement for example a marketing agency may have an annual retainer with their client for a hundred and twenty thousand dollars and want to raise a monthly retainer invoice for ten thousand dollars so let's take a look at the settings that are required in order to use retainer billing I'm in the mission control console in the control pad and I've scrolled all the way to the bottom to the billing event settings we have two settings here the PDF generation and this will generate a PDF once your billing event has been created this process runs every five minutes if the process hasn't run yet and you would like to generate your PDF manually you can do so from the billing event you'll also need to enable periodic billing this will run a process at the specified time once each day and this process will create the billing events required ing to the periodic next billing date on the project so if I have a project with a periodic next billing date set to today then at three o'clock I will have a billing event generated automatically I also have my PDFs template settings populated so my invoice template label or my credit note template label you can also provide your business registration number and other details ing to your requirements you can also populate your logo on your invoice from here as well let's take a look at our project so on this project I have milestones and and actions already created I'm going to edit the project to view further details so I have the billing type set to fix to price the retainer billing cycle can be used in conjunction with the fixed price billing type or the fixed price plus expenses billing type with fixed price plus expenses a billing event will be created with two billing event items one for the retainer amount and another for the expenses that are approved but not yet invoiced and have been approved during the retainer period with the fixed price your billing event will just have one billing event item for the retainer amount I do have my billing rate and cost rate populated but that will be solely for reporting purposes and not related to the retainer billing cycle I also have my tax label populated you can use the tax label to provide sales tax on your invoices or if you would like to invoice the customer from a separate business entity then you can override the invoice details for your company information on in your tax label and apply that on your project we also have the billing cycle set to retainer of course and then the periodic billing frequency is set to weekly there's a few options that are available weekly which will occur once a week on the day specified fortnightly which is every two weeks on the day specified on the 1st and the 16th of each month four weekly which will occur every four weeks on the day specified monthly which will occur once a month on the date that's specified in the periodic next billing date so if I want to charge my customer every 13th of the month or I want to create that invoice every 15th of the month then I can set that to monthly and then quarterly for every three months okay so I'm going to stick with weekly I have my payment terms set to 30 and what that means is when my billing event is generated it will create an invoice day and the payment terms or the due date will be 30 days from my invoice date I have my retainer amount set to two thousand dollars and my periodic billing next date is set to 12 26 22 and you can see that value has been populated in the periodic billing last date so what happened was I actually had my periodic billing next date set to 12 19 to 22 and once this date has passed the that date will go into the last date and our next billing cycle or next billing date will be populated automatically for us once the process runs so let's go ahead and save here and take a look at some of our billing events to navigate to our billing event you can either go to the billing event related list on our project or the billing tab on our project let's take a look at one of our billing events we have the billing event that was generated on the 19th of December and we see that the status the type is set to invoice the status is set to draft there are a few statuses available there's draft issued and paid once the billing event is created it will automatically be set to draft once you have emailed or sent your invoice to your customer you'll then want to come in and update the status to issued and once the full amount for your billing event has been paid the status will automatically update to pay so let's go ahead and take a look at our invoice we can see that a PDF URL has already been generated for us from the PDF generation process I can also go in and select view PDF to generate a PDF from there if the process hasn't hasn't run or I need to update my invoice so we can see our logo has been populated our tax invoice label is up there our company information is populated on our invoice as well as a few details regarding our invoice the description for our billing event item has been populated with the amount for our retainer as well as the tax we also see that the balance due is set to 2 150 which would be our retainer amount plus tax let's email our customer the invoice that we just created you can also share this PDF URL directly with your customer and they can save or download or print the invoice PDF from the link without Salesforce login you can also send an email directly from your billing event if you have it on your page layout and we've created a an email template that can be used called billing event notification client that will populate information regarding your invoice as well as the link to access the invoice as well so let's imagine we've sent that to our customer we're going to go in update that status to issued and now we need to provide payment or receive payment the payment can be added from the related list on our billing event or if we navigate back to our project you can also create a payment in the billing tab so let's just do so from here we're going to populate our billing payment information all right now that I have entered my billing payment details a quick note that I have included the tax amount here so we're going to go ahead and save and let's take a look at how this affects our billing event so we can see here in the highlights that our billing event status has already updated to paid the amount paid has also been updated as well as the amount standing so let's take a look at our PDF and I'm just going to generate it again to update the details on it and we can now see all of the other information is the same or correct and the amount paid has been updated to the full amount and now the balance due shows zero that will be all for this video thank you so much for watching and please feel free to check out the remaining videos for the billing cycle series if you have any further questions or concerns please see the links below or visit or email support apricot.com for further support thank you