BILLING: Accumulating Profiles
What is an Accumulating Profile?
An Accumulating Profile is for situations when you want to bill the client on a regular schedule (such as every month), but the amount of the bill may not be the same every time. You can think of an Accumulating Profile as keeping a “running tab” for your client, and you “close out” that tab at regular intervals, to start anew.
An example of Accumulating Profile in action
A web design company, XYZ Designs, has a client, Bob.
Bob has a website that is maintained by XYZ Designs. This means that XYZ Designs does periodic backups, updates product listings on Bob’s online store, and other general maintenance.
Bob has asked XYZ Designs to just bill him every month for the work performed. Some months may be busier than others on Bob’s site, so XYZ Designs needs a mechanism to track this billing each month, and then start over fresh for the following month.
Using an Accumulating Profile, XYZ Designs just does the needed work, and after each piece of work, they bring up Bob's Profile, and they add the items to the Profile. A few days later, they add a few more items, and so on throughout the month, and in this way, the Accumulating Profile becomes the 'diary' of their work.
Then, at the end of the month (or whatever period you decide), the Accumulating Profile automatically 'creates' or 'generates' an Invoice from the items in the Profile, then wipes the Profile clean so that it's empty and ready to go for the next month.
The newly created Invoice is a standalone, unique Invoice which you'll find in the Invoice list, and from that point, it acts just like any other Invoice.
Creating an Accumulating Profile
So, XYZ Designs starts an Accumulating Profile for Bob, and set it up to 'generate' an invoice every (1) month(s) using the setting shown below.
You can also decide whether you want the 'generated' Invoices to be created as Open or Draft.
Open will mean that the Invoice will be immediately Live and viewable by your Client
Draft will mean that the invoice will be created as a draft, which will be there for you to review, and then take manual action to make it Live.
When an Invoice is created from an Accumulating Profile, you can control when the due date will be set for that Invoice. Using Relative Due Date, you'll set the number of days after Invoice creation that the payment will be due.
You also have some additional settings related to removing Discounts or Taxes (maybe you want those items to stay for each created Invoice, and not be removed).
Additionally, you can choose whether or not the generated Invoice will be automatically emailed to your Client.