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Fixed fee installments

Learn how you can set up your fixed fees as installments.

Julie Bennett avatar
Written by Julie Bennett
Updated over a week ago

Updated November 2023

In the following video, you will get an overview on how to set up your fixed fees as installments. To get a complete understanding of how it works, please take a look at the rest of the article below.

Installment with due dates

Fixed Fees will allow you to book time towards a contract line whilst invoicing a fixed amount; i.e. the value of the booked hours does not influence the amount to be invoiced. 

In PSOhub, define the fixed fee and click on the Invoicing tab to set up the installment schedule:

In the Invoicing tab, select the Installments invoicing type:

The option Installments will allow you to automatically invoice a fixed amount in installments or milestones based on specific dates. Once you select it, PSOhub will prompt you to define the installments. In the Add field, enter the number of required installments and click Create.

In this example, two installments have been added, creating two invoice schedule lines above.

Field

Description

Due date

Enter the date for the number of installments. PSOhub will automatically invoice the installments on this date.

%

This is where you specify the percentage of the amount to be invoiced for this installment. The amount used for the calculation is the one defined in the Amount field of the fixed fee contract line.

Description

The description entered here will be displayed next to the contract line name

on the invoice.

Amount

This field displays the value of the amount multiplied by the percentage (%).

Invoiced

Once this installment is invoiced, PSOhub will display the amount that was invoiced.

Until an installment is invoiced, you can change its due date. You can also modify its percentage to invoice as long as the total value of all installments still equals the amount of the fixed fee contract line; i.e. you will most probably need to modify the remaining installment(s).

Also, note that if you deactivate a contract line defined as a Fixed Fee with installments, it will no longer be invoiced.

Important: that once time is booked towards a contract line, it is no longer possible to change the invoice type.

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