In the following video you will get an overview of 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 you can define a fixed fee with an invoice schema based on installments with due dates. To do so, simply open the contract line and check the box Smart Contract.

You will have the option of four different invoice types. Note that once time is booked towards a contract line, it is no longer possible to change the invoice type.

The option Installments will allow you to automatically invoice a fixed amount in installments based on specific dates. Once you select it, PSOhub will ask that you define the installments.

To start simply click on Add new line.

The following lines will now be displayed:

  • Due date: PSOhub will automatically invoice the installment on this date.

  • To invoice (%): 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 field Amount 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 To invoice (%).

  • 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).

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