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In FirstBit Contracting, a progressive invoice is generated through a series of linked documents, reflecting the portion of work completed, after adjusting for advance payments and retention.
- Advance Invoice- Issued to request upfront payment before work begins.
- Payment Received- Records client payment and marks it for offsetting.
- Project Progress Report - captures the percentage of work completed on-site.
- Payment Application Issued - Drafts the billing claim based on reported progress.
- Payment Certificate Received - Approves and certifies the amount to be invoiced.
- Progressive Invoice - An invoice issued based on the certified amount, with any applicable advance deductions
- Credit Note - Used to adjust or correct previous invoices.
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