In this video, you'll:
Learn the differences between Fixed Price Open Billing and other invoice types with invoicing
Learn how to create Fixed Price Open Billing Invoices
Sections
0:00 Introduction
0:25 What is Open Billing?
1:00 Scenario
1:19 Open Billing Invoice in Invoicing Assistant
2:35 Creating an Open Billing Invoice
6:10 Defining and Applying Retainage
6:45 Review
Training Video
Understanding Fixed Price Open Billing Screens
Line items for opportunities whose invoice type is Fixed Price Open Billing behave differently. They are not preceded by a checkbox.
Once a work order of invoice type Fixed Price Open Billing has been won, it becomes available in the Invoicing Assistant.
As incremental invoices are submitted for the work being completed, the invoice recommendation will remain in the Invoicing Assistant until the work order has been fully invoiced.
Clicking on a line item that is Ready or Overdue, displays the Invoice Open Billing screen.
The following table summarizes the elements on the Invoice Open Billing screen.
Screen Element | Description |
Original Amount | Specifies the estimated amount representing the total amount to the invoice. |
Revision Amount | If any change orders have been applied to the original work order, this value shows how much the original estimate amount has changed. |
Total Amount | The sum of the Original Amount and the Revision Amount. |
New Button |
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Earned Revenue | Earned revenue to date for the opportunity. |
Invoiced | Amount invoiced to date. |
Amount to Invoice | The amount remaining to invoice, including retainage. |
Retainage | Amount of retainage withheld based on invoices submitted to date. Also shows the retainage percentage specified on the work order. |
Remaining Retainage | Displays the amount of retainage that is still to be billed. This amount adjusts if a negative change order has reduced the retainage. When the opportunity is 100% complete, and retainage is the only amount left to bill, this field helps you determine the final invoice amount needed after accounting for any negative change orders. |
Invoice List | List of invoices created for the work order. The Invoice Status column identifies invoices that have been reversed and rebilled. For more information about the reverse and rebill process, refer to the Reverse and Rebill description under the bulk menu options in the Invoice screen article. |
Clicking theMenu
Menu Option | Description |
Master Schedule of Values | Selecting this from the More drop-down displays the Master Schedule of Values screen which is also available from the footer of the Opportunity screen. |
Opportunity Details | Selecting this from the More drop-down displays the Opportunity screen for the work order associated with the selected invoice recommendation. |