An interim payment (an 'interim') is created on a job where you have invoiced an amount that is to be taken off the total outstanding billable amount for the job.
An interim payment can be created by:
- creating a deposit invoice from the Financial tab of a job
- previously invoicing based on the quoted value but then switching to actual time and costs
- importing invoices from Xero (if you have WorkflowMax Premium).
The effect of these interim payments is to create a 'positive' valued invoice, whilst creating a 'negative' WIP entry in the WIP ledger, which reduces the outstanding balance to be billed.
Finalising job financials for interim payments
In a job where there have been interim payments and ongoing balances, you can finalise job financials by generating a write on (or write off) in two situations:
- at the end of the job to finalise the invoicing or 'wash up' the job. This basically tells the system that you don’t expect to add any more costs or create any more invoices so you are wrapping the job up and you want to mark anything unbilled as written off.
- at the end of a payment period (such as monthly) for an ongoing job. You might still want to add time and costs next month but you don’t want to carry over previously unbilled time or costs to the next period.
You can finalise the job by creating a final invoice, provided that:
- no time is marked as Future (for details, see the 'Adjust the invoiced hours' section in any topic on creating final invoices for actual time and costs)
- there are no remaining unbilled costs.
If either of these is the case, the system will automatically create a progress invoice instead.
Details of any write ons and write offs are shown in the job financial summary report.