Manually or Automatically Invoice Monthly Budgets in Resource Allocation
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There are two ways to invoice monthly budgets in Resource Allocation: manually or automatically. This article will show you both ways.
Note: This feature is available to Premier uses. Also, this article assumes you know how to access and use Resource Allocation in BigTime.
Make sure you’ve activated the Project Monthly Fee calculator, if you want to create invoices manually. Then, let’s start with creating a manual project monthly fee invoice.
Create a Manual Invoice for Monthly Budgets
Let’s assume that you’ve set monthly budgets in Resource Allocation that you need to invoice for.
Create an invoice as you normally would: go to your Work In Progress tile (Invoicing...Overview...Work-In-Progress). Select the projects that you need to invoice and click Create Invoice. Select Create Project Monthly Fee Invoice from the picklist.
Now you can select your date range. For example, if you’re ready to invoice for the month of February, then select February 2021 for the start and end range (as shown in the image below).
Or if you want to invoice for January and February, then select January 2021 as your start and February 2021 as your end range. This will pull in invoice data for both months.
Make your selections and click Apply.
The Invoice Summary will populate with your selected date range, as shown below. Notice that you have several options you can choose from within this column. You can, for example, choose to clear the work-in-progress for time and expenses for your selected date range.
Click Finalize once you’ve made your selections.
Keep in mind that this invoice option works like a fixed-fee invoice. The difference is that you add a date range to pull in the monthly budgets.
Create an Automatic Invoice for Monthly Budgets
Now let’s create an automatic invoice, which means an invoice will be generated each month or quarter automatically.
First, get to your Resource Allocation window, and click on a budget for a particular month.
A window to edit monthly budgets will appear.
Check the box next to Schedule Invoicing. Now you can determine your invoicing cadence.
There are a few key points to keep in mind:
*Invoice Start Date - The date when the automatic invoicing will begin.
*Frequency - How often invoices get created: monthly or quarterly.
*Invoice Timing - When the invoice gets created: the first day of the month/quarter or the last day of the month/quarter.
*Current or Prior - Which month/quarter is being invoiced for based on your timing selection. For example, your invoice starts on 1/1/21 and you’re billing monthly, on the last day of the month. So you’ll select “bill current month/quarter.” But if you’re billing on the first of the month, then select “bill prior month/quarter” from the picklist.
*Invoice Style - Select a template from your firm’s PDF template styles. The template you select will be applied to the invoices you create.
*Clear WIP for monthly period(s) - Clear the WIP for the months that are being invoiced for.
Each time a new invoice is created using this automatic schedule, the financial admin will be notified that an invoice has been created. The drafted invoice will automatically be placed in your Drafted Invoices on your Drafts tile (Invoicing...Overview...Drafts).