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The Accounting tab (Figure 1) of the Edit Project drawer allows you to schedule the invoicing of products on billable projects. To edit a project you must have access to the project and must have the Edit Project permission for that project based on your Ruddr security role.
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Scheduling the Billing and Revenue Recognition of Products

The Products ledger on the Accounting tab has two purposes. First, it allows for the product fee to be invoiced via the Ready to Bill screen as of the date of the line item in the ledger. Second, it enables revenue recognition for the product on that same date. There are two ways to add products to the Products ledger on the Edit Project drawer:

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Add a Single Product to the Products Ledger

To bill for a product, simply click on the + Quick Add button at the bottom of the Products ledger (Figure 2).
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This will open the Add Product window (Figure 3) where you can supply the information about the product. You can provide the following fields:
  • Date - The date that you want the product to be picked up on the Ready to Bill screen for invoicing. This is also the date that the revenue associated with the product will be recognized on Ruddr reports and dashboards.
  • Invoice Item - The Invoice Item that you want to use on the invoice for the product. Your Workspace Admin can define as many Invoice Items as needed for your company.
  • Notes - The description of the product that will show on the invoice line item.
  • Amount - The pre-tax amount you will charge the client for the product.
If you are selling multiple units of the product, you can click the Include a quantity and rate for this item checkbox. This will present the following additional fields:
  • Quantity - The number of units of this product that are being sold to the client.
  • Rate - The pre-tax fee per unit.
Note that when the Include a quantity and rate for this item checkbox is checked, the Amount textbox will be disabled and automatically calculated.
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Clicking the Add button on the Add Product window will close the form and add the product to the Products ledger (Figure 4).
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Add a Recurring Product to the Products Ledger

Some Ruddr customers need to charge clients for a product in a monthly recurring manner. This could be related to a subscription fee/license, a hosting fee, or a similar recurring product charge. To set up recurring billing for a product, click the Add Multiple button at the top of the Products ledger (Figure 2). This will open the Add Multiple Products window (Figure 5).
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On this window, the fields are identical to the single Add Product window (Figure 3), with the exception of the following:
  • Starting Month - The first month that you want this monthly recurring product to be invoiced.
  • Ending Month - The final month that you want this monthly recurring product to be invoiced.
  • Scheduled on the X Day of Each Month - The exact day of the month that you want this monthly recurring product to be picked up on the Ready to Bill screen. This is also the date that the associated revenue will be recognized.
Once you have provided the information for the recurring product billing, click the Add button at the bottom of the Add Multiple Products window (Figure 5). This will close the window and add the full product billing schedule to the Products ledger (Figure 6). The individual rows can be edited or deleted via the buttons on the right side of each row.
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Invoicing for Products

The Ready to Bill screen will automatically pick up all product billing that is scheduled within the date range at the top of that screen. When a draft invoice is created for a project on the Ready to Bill screen, the product line items within the date range will be added to the invoice. When a product in the ledger has been invoiced, it will no longer be editable and can’t be removed from the Products ledger. The edit and delete icons on the ledger row will be disabled once that line item is associated with an invoice.

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Revenue Recognition for Products in the Products Ledger

Revenue associated with products will be recognized as of the date in the Products ledger. Products do not have to be invoiced in order for the revenue to be recognized.