The Projects and Contracts system provides extensive flexibility for project payment methods. You can define payment schedules against which progress billings must take place. These schedules can be based on a series of dates, on completion of a specified section of the contract, or when a percentage of actual or estimated costs is reached.
Deposits can be recorded on acceptance of the contract and allocated against subsequent billings. At the time of billing the customer, you can indicate what portion of the billing value should be deducted from the deposit amount.
The Retentions function enables you to specify the required retention amount as well as the retention period at the time of creating the contract. Once the retention period is reached, you can invoice the customer and offset the retention value against the billing being made.