You can set up projects in BillQuick with Percentage contract type. To handle such contracts:
1. Create a new project and set the Contract Type to Percentage.
2. Enter the total Contract Amount. Then click the Settlement Details icon on the right.
3. Enter the Percentage value and click OK.
This now sets the actual contract amount to 7% of $1,000,000 = $70,000.
4. For multi-phase projects, add additional phases from the Project-General tab using the Create Phase button. For example,
Phase %age of Total Value
Phase 1 20% $14,000
Phase 2 40% $28,000
Phase 3 20% $14,000
Phase 4 20% $14,000
Total 100% $70,000
5. Create a progress invoice in the Billing Review screen using % Complete to calculate the bill value for each phase.
6. If the contract amount changes, say from $1,000,000 to $1,200,000 for some reason, change that for the parent project and click the Settlement Details icon.
7. In the Project Settlement Amount dialog, change the percentage (7% to 7.0%) and click OK. The parent-level contract amount is recalculated to 7% X $1,200,000 = $84,000.
8. You now need to propagate this change to the phases under it. Select the parent project and move to its Detail tab. Update % of Total Project to 100% and click Save.
9. You are prompted to apply this change to all the phases of this project. Click Yes. BillQuick recalculates the contract amount of all phases based on the new amount.
Phase %age of Total Value
Phase 1 20% $16,800
Phase 2 40% $33,600
Phase 3 20% $16,800
Phase 4 20% $16,800
Total 100% $84,000
10. Now create a new invoice and observe the new contract value flow through.
11. To apply subsequent changes to the contract amount, you have to use a workaround to propagate the change to the phases. Use the method described above to calculate the new contract value (say 7% of $1,500,000 = $105,000).
12. To force the propagation, change the Contract Amount to a different figure, (e.g., $104,000).
13. When you click Save, you will be prompted to apply the changes to the phases. Click No.
14. Now change the Contract Amount back to the correct amount ($105,000). This time click Yes on being prompted.
The change in contract amount is propagated to all the phases.