Progress tracking and billing process need to be described.

Need to describe progressive invoice schema in first bit.

Explain  about retention,  VAT, advance  tracking included in it.

Advance Invoice → Payment Received

Progress report → Payment Application Issued → Payment  Certificate received → Progressive invoice (arrow for advance offset link) → Credit Note

Progress Billing is a method used in project-based industries (especially construction and contracting) where payments are collected gradually, based on the percentage of work completed on-site. It’s a way to match actual progress with financial transactions, rather than billing everything upfront or after total completion.

• Progress Tracking: This refers to monitoring how much of the project is completed. It’s usually documented through a Progress Report, prepared periodically.
  • This report shows the percentage of work done across various stages or deliverables.
• Progress Billing: Based on the recorded progress, partial billing is done.
  • Instead of invoicing the full contract amount at once, the client is billed for the portion completed.
  • This ensures transparency and fairness in billing.

Progress Billing is a payment approach commonly applied in project-driven sectors like construction and contracting. It enables gradual invoicing aligned with actual work completed, rather than charging the entire contract value upfront or upon project completion.

• Progress Tracking involves assessing the percentage of completion across specific tasks or phases. This is typically documented in a periodic Progress Report detailing stage-by-stage progress.
• The billing process is then tied to these progress figures. Clients receive invoices for the portion completed to date, promoting transparency and aligning financial transactions with the real-time status of the project.