The Payment Plan is where you set up how you'll be paid on a booking. It will control the payment schedule in the contract, as well as suggest invoices you should create.
Previewing Your Settings
It's good to preview the result of your payment plan settings as you're setting it up. In the top right corner of each payment, there is an info icon that displays the Suggested Invoices for this payment. If these look correct, great! If not, you probably need to adjust the setup (see What Can I Set Up on the Payment Plan section below).
The Payment Plan suggests invoices that you should create. When you'd like to create these invoices, click 'Create Invoices' from the Payment Plan tab. If you're on the Invoices tab, click 'Create from Payment Plan'.
Saving / Loading Payment Plan Presets
You may save Payment Plan settings as a preset to be reused on the other bookings. You should save your most-used settings as your default, but also save any other commonly-used settings to be easily applied to other bookings. For example, you might have a 50/50 setting as your default, and a saved All Up Front setting to be used once in a while.
What Can I Set Up on the Payment Plan
How many payments there will be
Which items will be billed on each payment
The due date of each payment
Which payment(s) are considered the deposit, and which are due on site (if any)
How invoices should be split up and what should be itemized on them
How many payments there will be: By default, a payment plan has two payments - the deposit and balance. If you'd like to add an additional payment (second deposit, etc.) click '+ Add Payment'
The Remainder payment: the last payment will cover everything that hasn't been attributed to a prior payment. For back-end deals, it will include the back-end bonus. It will also include post-show expenses you may want to bill for. If you'd like to receive all of the money on a booking up front,
Which items will be billed on each payment: On each payment, you can bill any combination of the Guarantee, Artist Fee, Booking Fee, and Expenses (all or specific ones). You may choose to bill a Percent or flat Amount of each item.
Guarantee: the Guarantee item includes both your Booking Fee and the Artist Fee. However, it bills 100% of the Booking Fee before it bills any of the Artist Fee. For example, if there is a $100 deal with a 10% Booking Fee and you choose to bill 50% of the Guarantee as the deposit, this will bill the full $10 Booking Fee and $40 of the Artist Fee as the deposit.
The due date of each payment: A payment can be due on a specific date, or be due relative to the event date or contract being issued or signed.
Multi-date bookings: payments for multi-date bookings can be due relative to each event as it happens, or relative to the first or last event. For example, if you want to receive the Deposit for all events before the first event happens, you'd set up something like "3 days before the first event". Then if you'd like to receive the Balance for each event right after each event, you'd set up the Balance payment to be due "0 days after every event".
Which payment(s) are considered the deposit, and which are due on site: the 'Is Deposit' switch controls whether this payment is considered a Deposit. This will affect whether the whole booking is considered to be in Deposit status. The Due on Site switch controls whether a payment is due on site and affects the due date of the payment.
How invoices should be split up and what should be itemized: In addition to the payment schedule and amounts, you can set up how invoices are split up and itemized between the Booking Fee and Artist Fee. There are essentially two questions to answer here:
Would you like to display your Booking Fee on invoices and should the Booking Fee get its own invoice?
Would you like to itemize each artist's fee and should each Artist Fee get its own invoice?
Expenses: if you choose to split up invoices either between the Booking Fee and Artist Fees, or between individual artists, expenses will be placed on invoices according to the 'Reimbursable To' field on the expense. So if an expense is reimbursable to the agency, it will be placed on the Booking Fee invoice.