Grant invoicing allows users to generate and assign invoices to a specific grant or funding source, helping to track financial allocations accurately. This feature is particularly useful for organizations managing projects funded by external grants, as it ensures transparency and compliance with grant requirements. This feature simplifies financial reporting and supports better grant management by linking each invoice directly to the appropriate funding stream.
What is Grant Invoice?
Grant invoice is similar to interim invoice. Invoices linked to jobs that incorporate grants will be classified as grant invoices. This is created to mark the completion of a job linked to a grant and to deduct the grant amount from the total. They're automatically generated when the job is created or completed, as per the settings. Grant invoicing ensures all billing steps are done before the final invoice is generated for the Job.
Grant Invoice creation
This is accessible when setting up a grant template. It applies when creating an opportunity and sharing the proposal. If the proposal includes a grant template, the invoice settings configured within it will be utilized.
Invoice creation is possible in two scenarios.
On job creation
On job completion
On job creation
Once the customer accepted the proposal, a job will be created instantly.
In Grant template, if you choose the On job creation in 'When should the grant invoice be created', Invoice will automatically generated once the job is scheduled.
'View Job' to view the job details and navigate to 'Invoices' tab to view the grant invoice.
If two grants are added to the proposal and the setting is configured to create the invoice upon job creation, you'll notice the 'Grant invoice generated' status appearing twice on the 'View Opportunities' page.
In Invoices tab, you can view that grant invoice created.
Even before completing the job, you can still raise final invoice for the opportunity since the invoice creation settings is on job creation. In final invoice, the grant amount will be deducted from the total.
On job completion
With this setting, the grant invoice will be generated after the job is completed.
Once the customer accepts the proposal, the job will be created immediately.
When the engineer marks the job as completed, the grant invoice will be generated. Once the grant invoice is generated, you can create the final invoice.
System will not allow you to create final invoice before completing the job.