Use Draw schedules to set up a schedule of payment amounts for Projects.
HINT-- Draw schedules work best for projects that have payments at project "milestones". The Goldenseal accounting software and project management software uses the draw schedule to calculate the amount owed at each milestone.
To enter a Draw Schedule, follow these steps:
Enter the following information for each Draw Schedule:
Name-- Enter a brief name for the draw schedule.
Enter Percentage into the Calculation Method field if you always draw the same percentage at the completion of each phase of a project.
When you do Draw Schedule Billing Goldenseal will subtract the amount of the Deposit and Final Payment from the total project cost, and then bill for the percentage of the remaining cost in each draw schedule phase.
Enter Dollars into the Calculation Method field if you always draw the
same amount at the completion of each phase of a project.
When you do Draw Schedule Billing Goldenseal will bill for the amounts that you enter, until the full project price has been reached.
Enter the phases that you want to include in the draw schedule, and the percentage or dollar amount for each item.
To add a new phase, click in the bottom row and hit the Return key (Mac) or Enter key (Windows).
If you use Percentage as a calculation method, the percentages must add up to 100%.
If you charge a fixed dollar amount as a down payment for this type of project, enter it into the Deposit field.
If you charge a percentage of the project cost as a down payment, enter it as the first line item in the draw schedule table, and turn on the First Item is Down Payment checkbox.
Goldenseal will include the deposit/down payment amount in contracts.
NOTE-- If you enter a deposit AND set the first item as a down payment, Goldenseal will add the two amounts together when it calculates the down payment amount.
Enter a Draw Schedule in Project accounts that use Draw Schedule as a Billing Type.
HINT-- Draw schedules work best for relatively simple projects where you can bill fixed amounts at certain times. For more complex projects, consider doing Progress Payment billing instead.
The draw schedule will appear when you do Billing for draw schedule projects.
You'll also see the draw schedule in Billing Records for draw schedule projects.