eKo CRM, your online progress invoicing software
A progress invoice, also known as an interim invoice or stage payment invoice, lets you spread the payment for a project over time. You invoice as the work is carried out, rather than invoicing the full amount at the end of the project.
- Progress recorded per invoice line
- Invoice lines billed by percentage, by unit or in euros excl. VAT
- Retention management
- Generation of the DGD (final statement of account)
Progress invoices, also known as interim invoices or stage payment invoices, are commonly used for invoicing work packages or contracts in construction, skilled trades and some service companies.
They apply to projects that run over what can be long periods, and are used to spread payments according to the progress of the work or services. They allow the company issuing them to invoice in stages, without having to pay all the costs of the project up front.
These invoices follow the same rules as standard invoices, except that:- In addition to the standard invoice number, they show the number of the progress statement being invoiced.
- They very often include a retention. The retention, often 5%, is an amount withheld by the project owner (the client) for one year, to make sure that the work is completed as set out in the contract; it also covers any snagging items recorded at handover.
- At any time, you can generate a DGD (Décompte Général et Définitif, the final statement of account) showing the overall financial position of the project.
