(And be sure you have taken care of all the loose ends)
Closing out a project in Studio Designer is a specific process that you should start well before install day.
Ideally, as items have been delivered, you have been finalizing them in SD. Remember, EVERY item needs a final invoice.
If your project involves big install days, you should do a final review two-three weeks ahead of time, so you can bill the client and collect payment for any final balances before the install.
There are four steps to closing a project. You may have to do the four steps both before the install, and after you have finished your punch list items.
STEP 1:
Your first step is to pull the Work in Progress (WIP) report for the project. Go to reports, and put WIP in the search bar and filter for the particular client. This report shows any item that does not have a final invoice. You must go to each item and create an invoice. If you have an item that you have purchased, but are not billing through to the client, make sure your selling price is zero, and create a zero dollar invoice. Every purchased item MUST have an invoice. Once you have invoiced everything, run the report again until it comes back with nothing on it.
STEP 2:
Next, run an Accounts Payable report, filtering by client. Every item on this report is an open item that needs resolution. Items show up on this report because your actual payment recorded on an item is different than your purchase price total. You MUST fix each item, by either changing the purchase price total or entering the correct payment amount. Once you have fixed everything, run the report again until it comes back with nothing on it.
STEP 3:
Check the clients Funds Allocation: Go to Accounting > Money In, and put the client’s name under Step#2 on that screen. Check your client’s financial summary in the little grey letters at the top right. There should be two lines with an equal amount on the two lines: Funds Received and Invoice Payments. If there is an amount on the Proposal Deposits line, then you still have proposals to invoice. Go to the proposals and make sure everything is invoiced. If there is an amount on the Funds Available line, then you have client funds that you must either apply to an invoice or return to the client. When those two lines are zero, this step is complete.
STEP 4:
Make sure the client has paid in full: Check to see if there are any unpaid client invoices. You can see this by clicking on the Invoices icon on the dashboard or by pulling an Accounts Receivable report. If your client has open invoices, send them to your client for payment.
FINAL STEPS:
And the last step, once the client has paid their open invoices, you can go into their address record and make their account inactive.
I know this seems like a lot of detail work, but this isn’t optional in Studio Designer. Failure to complete the steps will cause incorrect financial reports. If your financial reports are wrong, then your tax returns are wrong.
The best practices involve a process in which you check each item’s financial information, make sure it is correct in SD and then create an invoice for each item, as it is delivered. Use your color buttons to keep track. Put the reports in Favorites and run your reports periodically during the course of the project. And ask us if you need help setting up a system.
As always, feel free to reach out to us if you need any additional information or help. I am always happy to review a project before it is closed out.