Establishing a payment schedule involves setting up the due dates and billing dates for project payments and payments for completed change orders. Billing dates are dates when the invoice or bill is sent to customers. Due dates are dates when the payment should be submitted by the client. These dates are agreed upon as part of the project terms and conditions.
Payment schedules should be specified in the proposals for both quotes and change orders before you get them approved by the customer. If you don't know the specific dates for the payment schedule, then you can adjust the dates later from within the project.
To set the payment schedule from the project view, go to 'Payments' in the project and click 'Edit' next to project payment terms or change order terms. In the modal, set the due dates and billing dates for the payment terms.
Payment status helps you keep track of the state of each project payment. As the project progresses, you can update the status of the payment terms in the 'Status' column.
D-Tools Cloud does not yet support invoicing. So, you will have to manually change the payment status to 'Invoiced' after you send the invoice.
The 'Due' and 'Past Due' statuses will automatically update based on the payment schedule. After the payment is made, you can update the status to 'Paid'.
D-Tools Cloud supports integrations with Payment Processing solutions such as ProPay, Stripe, and CardConnect. This allows you to collect payments for your projects directly from D-Tools Cloud without the hassles of requesting payments explicitly.
Check out this article for more details about Payment Integrations.