What are project instalments?
Project instalments refer to the payment schedule of the project budget into smaller, manageable amounts, which are paid over a specified period.
For example:
- Initial Instalment – Paid at the start of the project, often covering planning and early-phase activities.
- Interim Instalments – Paid upon reaching specific, predefined milestones or deliverables.
- Final Instalment – Paid upon completion of the project, after all work has been finalized and accepted.
How to add project instalments?
When adding a new project, you have the option to choose whether or not to set up instalments. If you choose to use instalments, select “Instalments Planning” when creating the project.
After the project is created, you can add instalments by navigating to Project Info and clicking +Add in the Project Instalments section.
From there, you can input the title, select the period, and enter the amount for the instalment. You can also edit or delete instalments by clicking on the relevant icon.
Once added, instalments will appear in the Budget Allocation, Expenses, Documents, and Reports menus.
Note: Budget item allocation per instalment is done in the tab Budget Allocation, not in the Project Info. In the Project Info, you just add the instalments as items.
Why should I add project instalments?
If your project budget is paid in two or more instalments, adding project instalments in Project Info can be useful. This allows you to plan your project budget spending effectively, outlining what and when to pay based on available funds.
You can allocate budget items per instalment amount and specify the period for spending each amount. This way, you can plan which expenses will be covered by each instalment and track your project’s cash flow in real-time for each instalment as well as in total.
Adding project instalments will also be reflected in project expenses and financial reports. Meaning, when adding project expenses you will need to select the instalment that covers that expense. In the financial report, you can preview budgeted vs spent based on the currently available funds/instalment paid.
