Griot allows you to create projected billing based on a contract delivery schedule or work plan. This feature allows you to forecast how much you will be billing for each project and across different projects.
How to Create a Projected Billing
To create projected billings, select a specific project, click on the "Budget" tab, and then the "Invoices" sub-tab. The contract budget details you entered into Griot will appear here, showing the status of projected and actual billing. Click on the red "Create a Projected Billing" to create new billings based on your contract (e.g. monthly or by deliverable).
Fill out the form with a target invoice date, the period start and end dates, and the projected amount. The amount can be changed based on actual billing. All of these are required fields. You can also provide a description of the work performed during this time period. Press save. You can create multiple projected billings through the end of the contract.
To help make sure all the contract value is projected out through invoices, you can view the Variance at the top of the "Invoices" sub-tab's screen. The preferred amount for the Variance of a project should be 0, as it means all of the contract's value should be projected out successfully.
Viewing Projected Billings
You can view all your projected billings by going to the "Invoices" tab underneath the Financials menu item:
All the projected billings for every project will be listed together underneath the "Project Billings" tab. You can also visit the "Invoices" sub-tab mentioned from before in each project to see individual projects' projected billings.
Projected Billing Actions
To the right of each projected billing, you will see a couple possible options underneath the "Actions" column. These options are:
- Invoice - Generates an invoice form using the information from the projected billing. Once the invoice form is saved, the projected billing will disappear and the newly generated invoice will appear in an open status.
- Delete - This will delete the projected billing, and cannot be undone. This is the only way to delete a projected billing, as it cannot be deleted once turned into an invoice (invoices can only be voided).