The Financial Management module is a powerful tool that allows you to achieve the following:
· Build Calendar Budgets
· Track receivable and payable items using Milestones (also known as “payment triggers”)
· Generate invoices
· Track sent and received payments
· Reconcile payments against milestones or invoices
Within Financial Management, there are three core components that work fluidly together to manage all financial tasks:
· Budgets
· Milestones (payment triggers)
· Invoicing, Payments, and Reconciliation
The following graphic illustrates the relationship between budgets, milestones (payment triggers), invoicing, payments, and reconciliation.
This section will cover the Financial Management recommended process, and detail how permissioned users can create and modify a budget or budget template, configure and manage milestones, prepare invoices, enter payments, and reconcile those payments against invoices and milestones.
