Invoice schedules allow you to create your deposit schedule as a template which is then applied to events. This schedule creates a placeholder for every invoice you'll be sending to the client and will simplify the process of creating your deposit invoices. This also helps you track deposit invoices that need to be issued for upcoming events.
Invoice schedules are designed to handle the event's entire deposit/invoicing life cycle. An invoice schedule's installments will not update to account for deposit invoices outside of the schedule, although the final invoice will be able to include ad hoc deposit invoices and will exclude any charges already billed.
To create an invoice schedule template:
- Click on your name in the upper left corner and select Inventory and Prices.
- In the Setup tab, go to Invoice Schedule Templates.
- Click the plus by Invoice Schedule Templates.
- Name the template.
- Add the information for your first installment:
- Name the installment.
- Choose the invoice document template.
- When is the invoice due? The invoice schedule will calculate the due date based on one of three triggers: number of days after the contract is signed, number of days before the start of the event, or number of days after the end of the event. Add the number of days to the Due field and select your trigger from the list.
If the deposit is due with the signed contract or the invoice is issued as a part of your contracting workflow, please see the section below for instructions for this step and the next.
- When do you want to issue the invoice? The value in the Terms field is used to calculate the issue date of the invoice: if you enter 10, the issue date will be 10 days before the due date (calculated based on information you entered in the previous step). This issue date will appear on the event's Invoices page and can also appear in reports and dashboards to prompt you to create and send the invoice.
Terms refers the terms of payment on the invoice, such as Net 30, Net 60, or Due on Receipt. Rather than having predefined selections, we allow you to enter the number of days (such as 30, 60, or 0).
- Select a deposit type.
- Select an amount type: percentage, flat, or remaining.
- A Remaining type will calculate the amount of charges selected on the schedule which have not yet been invoiced for a deposit. Remaining invoices must always be the final deposit installment.
- Enter the amount (for flat installments) or the percentage rate for percentage installments (charges which the percentage is calculated against are specified on the event itself).
- Click Add Deposit Installment to add additional installments. Add their information as in the previous step.
- Add the information to the final installment:
- Add a name.
- Choose the invoice document template.
- Enter the number of days before/after the trigger and select the due date trigger.
- Specify the terms (see above).
The final installment is the invoice that "settles" the event. You don't specify a percentage because all the event's charges will be billed on this invoice.
- When all information is complete, click Save.
Deposit Invoices Sent with the Contract
What if the deposit invoice is issued and paid as a part of your contracting workflow?
- If the invoice is sent with the contract and payment is due when the signed contract is returned:
- Enter zero in the Days field and select After contract signed as the trigger.
- Enter zero in the Terms field.
- If the invoice is sent with the contract and payment is due within a number of days of the contract being signed:
- Enter the number of days in the Days field and select After contract signed as the trigger.
- Enter zero in the Terms field.
The issue date on the invoice will not be calculated until the event is marked as Contract Signed, but since you are creating the invoice as part of your contracting workflow, you will not need that prompt. If the event is marked as contract signed without the invoice being created, though, it will immediately show as being due to be issued.