How to transfer prepayment

Owned by Thomas Sherman (Deactivated)
Last updated: Feb 06, 2019
2 min read

Sometimes clients want you to transfer prepayments between invoices in Projector. For example, if they have left over money on a PO they want to apply somewhere else. Or, the client may have no idea you need to roll over a prepayment. You may create new projects each year for a client and want to rollover a balance from the old project to the new project.

When you create an invoice, it is associated with a certain scope. Client, PO, Engagement, or Project. The balance is available only for that scope. For example, a project-scoped invoice's prepayment is only available to other invoices for the same project. An engagement-scoped invoice can be used for any engagement-scoped invoice under that engagement.

This help document explains methods to transfer a prepayment.

Solution 1

Use two milestones to transfer the remaining balance. We'll use a PO for the sake of clarity.

  • Create a new, negative milestone for the prepayment amount against the original PO.
  • Issue that invoice. Don't send to the client.
  • Create a new, positive milestone for the prepayment amount against the new PO. In the milestone description list where the balance came from.
  • Issue that invoice. Don't send to the client.

You now have a new prepayment amount on the new PO.

Solution 2

 Temporarily invoice at a higher level to consume the prepayment.

  • Set the engagement, or engagements, to invoice at a higher level. For example, change it from Project to Engagement. Or PO to Client.
  • Create a new invoice. The prepayment is available on this new invoice.
  • Issue invoices until the prepayment is consumed
  • Change the invoice level back down to the lower level.

Keep in mind that the higher level invoice will get time/cost/milestone from all available items in that category. So if you switched to Client level invoicing you could potentially sweep in time/cost/milestone from all of that client's projects. Make sure you only bill what you are supposed to until the prepayment is consumed.

Solution 3

Void and reissue.

  • Void the original prepayment invoice
  • Adjust the milestone amount to reflect the actual prepayment amount that was used
  • Reissue the original invoice
  • Make a new milestone for the prepayment balance on a new invoice