Contingency Billing In Time59
March 8, 2018
Time59 can be used for contingency billing, and there are different ways to approach this.
The dead-simple way to do this would be to create an invoice with a single flat rate line item on it for the amount of the fee once it is determined. This is assuming that you will not be keeping track of your hours. The result will be an invoice against which payments can be applied.
The above approach may work in some situations, but suppose you want to 1) keep track of time, and 2) send out monthly invoices to the client showing the time records while the matter is in progress.
To accomplish this you should create a Fixed Amount Project and enter time records using this project. You can initially set the amount of the project to $0.00 and set the Fixed Fee Amount Text field to something like "Contingency" or "TBD". As long as the amount of the project is set to zero the Fixed Fee Amount Text field value will be displayed on the invoice instead of the amount.
You can now send out invoices as often as you need. The amount of these invoices will be $0.00, and the text Contingency or TBD will be displayed.
At the end of the matter, when the fee has been determined, you can edit the project, enter in the actual fee, and produce the final invoice.
If you have any questions or comments about this approach please contact support. I will be happy to discuss anything and amend these instructions as needed.