How to Charge a Percent Complete Flat Fee in Sage Timeslips
The percent complete flat fee billing arrangement in Sage Timeslips is often used by architects, who divide their work into phases that represent a percentage of the project. When you use this billing arrangement, you establish the total flat fee for the project and set up phases. For each phase, you specify, as a percentage, how much of the project the phase represents.
Like the minimum hours flat fee, the percent complete flat fee is available only for time charges.
When you decide to generate a bill for the client, you reopen the Percent Complete Flat Fee dialog box, open each phase, and specify, as a percentage, how complete the phase is. Timeslips uses that value to determine how much of the flat fee to bill for each phase.
Let’s walk through an example. On the Arrangement 1 tab of the Client Information window, select Percent Complete Flat Fee. Then click the Edit button to display the Percent Complete Flat Fee dialog box.
Click the Change Total Fee button to display the Change Total Fee dialog box. You use this dialog box to set or update the flat fee amount. Supply the flat fee amount in the Total Fee box and click OK.
As a project progresses, architects sometimes need to renegotiate the flat fee amount; hence the name Change Total Fee. Should a renegotiation take place, you can use the Phases/Components at 100% Complete Are Recalculated check box to specify whether Timeslips should recalculate values for completed phases.
Next, set up phases for the project; for the example, two phases are set up, each representing 50 percent of the project. Yes, your phase percentages should sum to 100 percent of the project. To set up a phase, click the New button to display the Percent Complete Entry dialog box.
Supply a name for the phase and the percentage it represents of the project. Timeslips automatically calculates the phase’s total value based on its percentage of the total flat fee and displays that value in the Total Charge box. Click OK and repeat this process for each phase in your project.
Each phase you create appears in the Phase List below the Total Fee field and the Change Total Fee button.
When you’re ready to generate a bill, reopen the Percent Complete Flat Fee dialog box and edit each phase to specify, as a percentage, how far along that phase is. In the example, Phase 1 is 75 percent complete.
You’re not limited to specifying a percentage to indicate how much of the project you’ve completed. In the New Charges field, you can specify a dollar amount to bill instead of specifying the Percent Complete value.
For the example bill shown Phase 2 was also edited and set its Percent Complete value at 10 percent. In the example, Timeslips bills $750 for Phase 1 and $100 for Phase 2, for a total of $850.
After you approve a bill, Timeslips changes the Status field in the Percent Complete Flat Fee dialog box from First Bill to In Progress. When you are ready to generate the last bill for the project, manually change the Status field to Final Bill, and then generate and approve the bill. At that point, Timeslips changes the Status to Completed.