Turn approved time into an invoice

An invoice in Korrit covers one project for one billing period. The draft starts from the project’s fixed fees, you import the period’s approved hours and costs, then you review, finalize and send it.

Before you start

• Set up the project’s fee components and bill rates on its Billing tab. See Set up a project with phases and fees.
• Make sure the period’s time is approved. Only approved, billable hours come onto an invoice. See Log time and approve timesheets.
• Principals and finance can draft, finalize and send invoices. Project managers can see invoices for their projects.

Choose how clients pay

The first time you open Invoices, a Set up invoices card asks for your invoice style and Preferred payment methods:

• Bank transfer prints your bank details on the invoice.
• Payment link via Stripe adds a link clients use to pay by bank, through your firm’s own Stripe account. Card is never offered. Click Set up, then Continue to Stripe. Setup takes about 10 minutes.

Reopen these choices from the … menu on the Invoices page under Invoice settings. Default terms and reimbursable markup are in Settings → Billing.

Create the draft

1. Open the project, go to the Billing tab and click New invoice. You can also click New invoice on the Invoices page.
2. Check the Project.
3. Set the Period start and Period end. They default to last month.
4. Click Create draft.

Bill fixed fees by percent complete

Under What’s billed, each phase lists its fixed fees with Complete and This invoice. A new draft starts each fixed fee at the percent already billed, so it bills nothing until you change it.

Enter how complete the work is now in Complete. Korrit bills what that percent has earned, less what earlier invoices already billed. If design development carries a $40,000 fee, was billed to 25% last month and is now 60% complete, this invoice bills $14,000. Turn on Contract detail to see each line’s Contract fee, Billed before and Left to bill.

Import approved time and costs

Click Import unbilled. The button shows how many items are waiting. It brings in:

• Approved, billable hours on the project dated inside the period that no other invoice has claimed. They group into one line per person and rate under the phase’s hourly fee component.
• Costs dated inside the period: consultant invoices and reimbursables, with their markup.

You can import again later if more time is approved.

To bill a cost, add it first on the project’s Billing tab under Costs with Add cost: choose the Kind (Consultant or Reimbursable), then enter a Description, the Incurred on date and the Cost. Leave Markup blank to use the default.

Review the lines

• Write off an hourly entry to bill fewer hours than were logged, or exclude it. The logged hours never change, and your reason stays with the invoice.
• Write down a line by an amount, with a reason.
• Add line for anything typed by hand, such as a courtesy credit.
• Apply retainer appears when the project has a retainer on hand. The credit comes off this invoice.
• For hourly work with a not-to-exceed cap, each line shows how much of the cap is used. Going over it blocks finalizing until you fix the line or choose Override the cap and give a reason.

Click Preview PDF to check the invoice. You can show Every time entry or a Summary of hours.

Finalize and send

1. Click Finalize.
2. Check the Issue date, then click Finalize invoice.

Finalizing locks the invoice and gives it the next number for the project. To correct it afterwards, use Void and reissue or Issue credit note from the … menu.

3. Click Email invoice.
4. Enter the To address. Separate several with commas.
5. Add a Message (optional) and click Send email.

The email carries the invoice PDF from your firm’s name, plus the Stripe payment link or your bank instructions. The status changes to Sent.

Record the payment

When a client pays through the Stripe link, Korrit marks the invoice Paid once the money settles. Until then, the payment shows as processing.

For a check or wire:

1. Click Record payment.
2. Enter the Received on date and the Amount.
3. Choose the Method: Check, ACH transfer, Wire transfer or Other.
4. Add a Reference, such as the check number, and click Record payment.

A partial payment marks the invoice Partially paid and leaves the rest open. Unpaid invoices past their due date show as Overdue.

Syncing to QuickBooks

If QuickBooks Online is connected, Korrit sends each invoice to QuickBooks when you finalize it. Payments, credit notes and voids follow automatically, so your accountant sees the same numbers. To set it up, see Connect QuickBooks Online.

Once the invoice is finalized, the project’s Billing tab shows the new Billed to date, and the next draft for this project picks up where this one left off.