Down Payments offer flexibility in client contracts for General Contractors & Clients. Here's how down payments work:

  1. Setting Up a Down Payment: By default, Down Payments are set to 'No'. GCs can select 'Yes' and specify an amount when needed.

  1. Validation: Down Payment amounts should not exceed the total contract value or have negative values.

  2. Contract Amount Adjustment: When a Down Payment is specified, the Billing Schedule is calculated based on 'Contract Amount minus Down Payment.'

  3. Informing Users: An informational message under 'Billing Schedule' explains the Down Payment details for GCs. It's hidden when clients log in.

  1. Tracking Down Payments: Down Payments are tracked in the Payment Ledger Tab as a separate line item, making financial records clear and organized.

  2. Amount Limit: Down Payment amounts should always stay within the Remaining Balance.

In summary, Down Payments enable users to customize contracts and manage finances effectively while maintaining financial integrity and compliance.

Last Updated: Dec-11-23