On-time and performance-related accounting with payment plans, advanced payments and final invoices
The payment terms negotiated with the customer are recorded as rates with advanced payments and final invoices. In the same way you can bill your performed services. The usage-sales-link ensures that all performed hours are invoiced. The invoicing at due dates, the usage of different payment terms and the possibility of security deposits leave no requirement unsatisfied. If a mistake at invoicing happens the system leads you through the process of creating a credit memo.
Complete integration of advanced payments in financial accounting
In order to comply with the complex requirements of advanced payments in project business, the system takes into account statistical receivables/payables with unrealized VAT. In your chart of accounts you can see the application of payments as net values on your received/paid accounts. In your sub-ledger incoming and outgoing advanced payments are treated in the same way as regular invoices. Therefore you can create reminders for these entries and apply payments. With the final invoice you clear the received/paid advance payments and automatically post the revenue/expenses in your profit and loss statement.