Invoicing Enhancements - May 2023
Release Notes - May 2023
We’re excited to release this major upgrade to Magnetize, enabling you to create part charges, progress invoices, and get “at-a-glance” visibility of billing status. We’ve designed it to be flexible and proactive, so that you can capture revenue early and throughout the job. Let us know how it goes for you.
Scott, Director @Magnetize
In this release:
- See billing status
- Create part invoices (% or fixed)
- Create progress invoices (bill logs for a date period)
See billing status
The Invoice tab now displays what was budgeted, what’s already been invoiced as well as an estimate of the value of logs that have not yet been reconciled.
Look to the links on each line item and use your own discretion to whether the job is ready to be billed.
Create part invoices (% or fixed amount)
Do you need to charge 50% upfront? Or invoice at key milestones on the project? With the latest upgrade in Magnetize, you can now create invoices for upfront deposits and milestone payments, and send them to Xero to be billed.
Once the quote has been approved or a job budget added, head over to the “invoice” tab on the job.
For the invoice type, choose the option to bill by percentage or fixed cost. From here, you can type in a percentage of the approved cost or a fixed dollar amount.
When you come back later to bill the remaining, Magnetize will remind you how much the quote was approved for and how much has already been billed - helpful!
Create a progress invoices (logs in a date period)
Do you bill customers at project milestones or at month end? Now in Magnetize, you can create progress invoices by reconciling staff/equipment/consumable logs for a date period to capture revenue throughout the project.
To create a progress invoice on a job, head to the Invoice tab, click “Create Invoice” and select "As Logged." Magnetize will let you know how many logs are ready to be billed and their estimated total value.
Once you've selected your date period, you can go ahead an reconcile the logs against what was quoted (or budgeted) and send it through to Xero for billing.
And when you come back later to create the next progress invoice (or bill the remaining), Magnetize will take into account what's already been invoiced, for accurate and fast invoicing.