Down Payments offer flexibility in client contracts for General Contractors & Clients. Here's how down payments work:
Setting Up a Down Payment: By default, Down Payments are set to 'No'. GCs can select 'Yes' and specify an amount when needed.
Validation: Down Payment amounts should not exceed the total contract value or have negative values.
Contract Amount Adjustment: When a Down Payment is specified, the Billing Schedule is calculated based on 'Contract Amount minus Down Payment.'
Informing Users: An informational message under 'Billing Schedule' explains the Down Payment details for GCs. It's hidden when clients log in.
Tracking Down Payments: Down Payments are tracked in the Payment Ledger Tab as a separate line item, making financial records clear and organized.
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.