For fixed-price projects, you base invoices on billing schedules. Use billing schedules for on-account invoicing and work in either project-level or contract-level mode.
Use this method to manage WIP and estimate revenue and project completion. Treat pre-estimation invoiced amounts as 'unearned revenue'. The estimation determines earned revenue, which posts during the estimate, not during invoicing.
Flow diagram
Note
In the flow diagram, clicking one of these sections, opens the related section in the Projects > Initaite project section:
Create and maintain project
Forecast project