Create invoices for each project and align with your accounting team on all billable items.
This article helps you to ensure you are up to date with your project´s invoicing. Create invoices that encompass Deposits, Fixed Price, Time & Materials or Manual entries.
The Invoicing feature is located within each project, so you can create invoices on specific projects, which you can then bill to your clients. The main function of Invoicing is to assist you with keeping track of what has been billed and what has not. Essentially, its purpose is so that Project Managers and their Accounting departments can be 100% aligned.
You can integrate your 3rd party financial applications in Forecast, e.g. QuickBooks Online and export Forecast invoices to these systems. Learn more here.
Please Note: This guide is written for permission levels of Controller and Admin.
Creating an Invoice
Step 1: Access a desired Project
Step 2: From the sub-menu click on the three dots icon and select Invoicing.
Step 3: Click the Create New Invoice button in the top right hand corner. Once clicked, a modal will popup.
Step 4: Select the type of invoice you would like to create. You can choose between:
- Deposit: ideal for upfront payments
- Fixed Price: ideal for retainer projects
- Time & Materials: only take into consideration time registrations
- Manual: add whatever invoice line items you wish to invoice
Step 5: Once you've determined the type of invoice you want, proceed to fill out the pertinent information for the invoice.
1. Name of the invoice e.g. the name of the project and the date range could be used. Required
2. Invoice reference number e.g. project number.
3. Add the date the invoice is created and the date by which the invoice is due.
4. Add Notes i.e. Invoice 1 of 4 for retainer projects (you can also mention someone from the team here using the @)
5. Set the Tax for this invoice, this will be the default number.
6. Set the Discount, this will be the default number.
7. Click Next.
Step 6: Group the Invoice Line Items. This is only applicable for invoices of the Time & Materials type.
You can group by:
- Time registrations: Each invoice line item represents a time registration, where the quantity is the amount of hours of the time registration and the unit price is the current rate of the registering person. Ideal for small invoices.
- Tasks: Each invoice line item represents a task, where the quantity is always 1 and the unit price is found by aggregating time registrations on that task. Ideal for mid-sized invoices.
- Person: Each invoice line item represents a person, where the quantity is the number of hours registered by that person and the unit price is the current rate of that person. Ideal for projects where roles are not sufficiently diverse.
- Role: Each invoice line item represents a role, where the quantity is the number of hours registered by persons with that role and the unit price is the rate attached to that role. Ideal for projects with team members that have diverse roles.
- Milestone: Each invoice line item represents a milestone where the quantity is always 1 and the unit price is found by aggregating time registrations on tasks in that milestone. Ideal for large invoices.
- Sprint: Each invoice line item represents a sprint where the quantity is always 1 and the unit price is found by aggregating time registrations on tasks in that sprint. Ideal for agile projects.
Step 7: Select the billable date range.
Step 8: Add or remove any Invoice Line Items and click Done. The invoice draft is now created.
As long as an invoice is in draft it can always be edited.
Step 9: Click on the invoice to review.
Step 10: Once you have reviewed and approved the invoice, change the status to: Approved, Sent or Draft. Keep in mind that an Invoice that is set to Approved or Sent can not be edited, unless it is changed back to Draft first.
Step 11: Duplicate, delete or export. Click on the three dot icon to either duplicate or delete the invoice. You can also click on the download icon and export the invoice as a csv. file which you can share with your accounting team.