Billing Type typically gives you the choice to bill the clients for the work delivered based on different criteria such as milestone, percentage completion, fixed price, completion of contract, etc. Any service industry will need a proper billing software to bill their clients accurately based on the billing types. TotalServ Pro supports 6 billing types that are applicable to various jobs in service industry.
A Fixed Bid in TotalServ Pro is billed using a flat amount, regardless of the number of hours worked. In fixed bid service provider is responsible for completing the job within the agreed amount of time. Since Fixed Bid projects are duration-based, they require a start and end date. A fixed price contract can be paid in as a whole or to each week or month of the project.
TSP support two types of fixed bids namely, completion of contract and percentage complete.
Fixed Price - Completion of Contract
Fixed price will be charged whenever a job is completed irrespective of the number of resources working on it and time hours being posted. This fixed bid triggers with a click of complete button on the job form whenever a job is completed. Billing line items will be created for this method once the job is completed.
Fixed Price - Percentage Complete
In this method, job percentages are set along with the prices in the grid. Fixed price will be charged whenever the bill button is triggered in the grid on selecting a particular record. Billing line items will be created once the bill button is triggered based on which invoice will be generated.