Before you can utilize payment funding for your projects, request the superadmin to activate this feature for your organization. [This featue is currently available only for users who utilize Cash(Internal) or have GoodLeap or LightReach as their Finance Integration]
Note: Here are a few important steps that you need to take care of before beginning the payment funding process for your project
Step 1: Locate External Services from the main menu on the left
Step 2: Click “Add” in the top right corner of the page
Step 3: Add the account information of the external service including their name, organization name, service sub-type ( service provider, supplier, installer), and their primary and secondary contact information. Click “Save”
Step 4: Navigate to the top of your subcontractor home page and click the "Link to Bank Account" button.
Step 5: Follow the sandbox instructions to easily Link your bank account.
How to complete the payment funding process for your project?
Step 1: Locate “Projects” on the main menu
Step 2: Select your “Project”
Step 3: Find the “More+” button in the top right corner
Step 4: Select the “Payment Funding” option
Step 5: Scroll down your payment funding page and find the MIlestone-M0 section
Step 6: Click on the “Edit” button next to the “Request” button
Step 7: Update the contract signing date and NTA approval time in their respective fields.
Step 8: Now, click on the “Request” button.
Step 9: Click “yes” to confirm your choice.
Step 10: Once your request is approved, a milestone approval banner will indicate that your funding request has been approved by the lender
Step 11: Click on the “Three Dots” option in the far right corner and select “Payment Complete”
Step 12: Click “Yes”
Step 13: Scroll back up and select the “Service Funding” tab
Step 14: Click on the “View Status” button in the Milestone section
Step 15: You can check the status of the payment funding process in this tab.
Step 16: Scroll back up and select the “Job Tracker” tab
Step 17: The Job Tracker Tab enables you to update the status of funded services. Upload service details promptly upon completion, streamlining the funding process for each service step.
Step 18: Scroll down to locate the services listed under Milestone M0. As observed in the Service Funding tab, the site survey and design services were included in Milestone M0 for this project.
Step 19: Click on the “Edit” button next to the service
Step 20: Add service details, select your provider, attach the service completion file and amount verification file, check the service completion and amount verification boxes if done, then click save.
Note: The service amount field will be automatically updated once the attached amount verification file (usually an invoice) is uploaded and verified.
Once the invoice and the amount are added, the service amount field will also be updated accordingly.
Step 21: Similarly update the service details for the service included in the Milestone.
Step 22: Scroll back up to select the “Service Funding” tab.
Step 23: Find the Milestone-M0 section and click on the “ View Status” button
Step 24: Check the validation status of each step of the milestone. A green checkmark next to each step indicates its successful completion. Once all the steps are validated, the "Send Payment Confirmation" button will be activated.
Step 25: When you're ready to send payments to the service provider, click the "Send Payment Confirmation" button.
Step 26: Click “Yes” to confirm.
Note: After sending payment confirmation, the service provider will receive an email to confirm the payment.
After clicking on the URL, the service provider can either approve or reject the payment confirmation
Step 27: Once the service provider approves the payment confirmation, the status of each service in the milestone will be updated to "Approved," and the "Payment Schedule" button will also be enabled.
Step 28: Click on the “Payment Schedule” button.
Step 29: Click “Yes” to confirm.
Step 30: Your payment for the Milestone-M0 is now scheduled.
Step 31: Once the lender completes the payment for the approved services, the status of the service in the milestone changes to "Payment Completed," indicating the completion of the payment funding process for that milestone.