Hello Friends,
I am working on implementation scenario for where I need to configure billing plan for the project which will take more than a year for its completion. The payment terms are like below:
1. 10 % advance on mobilization of the workers & supply of the material on site.
2. 10 % retention amount which will be deducted in every monthly bill (which will be paid at the end of the completion of the project)
3. Monthly bill will be raised as per the progress of the project. (Although client is going to raise the 100 % bill to the customer, he will be paying 80 % of the amount as per the terms mentioned above.)
In the invoice the bifurcation should get reflected as
1. Actual billed amt for the month
2. 10 % adv amt-deducted
3. 10 % retention amt-deducted.
Please guide me how to tackle this scenario in terms of billing plan, pricing & payment terms.
Thanking you in anticipation.
Sadanand.
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