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In FirstBit, a progressive invoice is built through a series of linked documents-
- Project Progress Report - captures the percentage of work completed on-site.
- Payment Application Issued - Drafts the billing claim based on reported progress.
- Progressive Invoice - Final invoice issued, linked to the certified amount with advances deducted.
- Credit Note (if needed) - Used to adjust or correct previous invoices.
- Advance Invoice- Issued to request upfront payment before work begins.
- Payment Received- Records client payment and marks it for offsetting.
Noted: The system automatically or manually deducts advance payments from progressive invoices to bill only the net payable amount.
Explain about retention, VAT, advance tracking included in it.
Received.