Managing A Project

Project Billing

Billing is used to plan and record completed billing.

Based on the billing date, your revenues are calculated on the main Dashboard.

The billed amounts automatically reflect in your company's financial metrics.

It's not necessary to bill the entire project revenue at once, but the total billed amount must equal the project's revenue.

When creating a project, you can plan individual billing installments right away. This ensures you won't forget ongoing billing and project advances.

Costlocker doesn't generate invoices by itself. For billing, you can use our integrations with Fakturoid and iDoklad.

How to Bill a Project

Open the project detail you want to bill
- In our example, we'll use the project Website Update, which we created in the previous section Creating a Project.
Navigate to the Billing tab.
Select Add or Edit Billing.

In the following form, we'll fill out the billing details. In our case, we'll enter:
- One advance bill for $ 2,000 which we'll mark as Billed.
- A second one for $ 1,500 planned billing on December 15, 2024. :

In the form, we can see that we have $ 3,250 left to bill. This amount is automatically calculated as Total Project Revenue - Entered Bills.

Save the form. In the billing overview, we see two bills—the checkmark indicates that the bill has already been issued.

Which Overviews Does Billing Affect?

Project Detail

Here we see that $ 2,000 has already been billed from the total project revenue. The black vertical line visually shows what portion of the entire project this represents.

Your Company / Overview

In the company overview, when you hover over the chart, you'll see the current billing status.

By clicking on the current month, you'll access a detailed overview of that month:

Financial performance of the month of November

When expanding the items, we see:

Billed

Here we see our bill 1st Advance for $ 2,000. This is counted as revenue for the month.

Remaining to be Billed

Here we see the remaining amount for which we haven't issued or scheduled a bill. This means we always see the remaining project amount that doesn't have billing set up. This item will always appear based on the project's end date.

We don't see the 2nd Advance from our example here because we scheduled this payment for December 15, 2024. We'll see it when we navigate to the company's financial performance overview for December.

Billing

In the Your Company overview -> Billing, we see all items that remain to be billed.

Thanks to this overview, you'll never forget to fully bill your projects.

If we want to view the bills that have already been issued, we'll add the Billed items to the filter of selected billing types. Then we'll see all three billing items for our project:

An advance of $ 2,000 has marked as Billed.
An advance of $ 1,500 marked as Billing planned—with the date we scheduled.
A separate item Remaining to be billed with the amount that hasn't been scheduled for billing and a billing date of November 30, 2024 (this date corresponds to the project's end date).

In total, we see that the total billed amount equals the total revenue of our project.

To close a project, it must be fully billed.
This requirement ensures you don't forget to bill anything and that all project numbers align with reality.
If you need to adjust the project's total billed amount, modify the project's budget.

Discount on the project

In certain situations, you decide to offer a discount to the client on a project. We can, of course, incorporate the discountinto the project by adjusting the budget, or we can enter the discount directly using Costlocker's function. We will demonstrate this second option in the article below.

Finishing a Project

You should always finish a project in Costlocker after it's completed.