Invoicing Concepts

Chrono allows Admins to generate invoices based on logged time or flat rates.

Invoice Types

Chrono supports two main types of invoices:

Time & Materials (T&M): Invoices are calculated based on the actual hours logged by team members multiplied by their applicable pay rates (considering project/organization defaults). Line items on the invoice typically reflect the different tasks (Line Items) worked on within projects.
Flat Rate: Invoices are based on predefined amounts for specific line items, regardless of the time logged. Admins manually add line items and set their amounts when editing a Flat Rate draft invoice.
Access: Admins select the invoice type when initiating invoice creation.

Invoices progress through several statuses:

Draft: The initial state. The invoice can be edited by Admins. It is not yet finalized and cannot be sent.
Ready: The invoice has been finalized by an Admin and is ready to be sent to the customer. No further edits are possible.
Sent: The invoice has been marked as sent (either via Chrono's email feature or manually).
Pending: (Implicitly includes 'Sent' and 'Overdue') The invoice has been sent but not yet marked as paid.
Overdue: The invoice has passed its due date but has not been marked as paid.
Paid: The invoice has been marked as paid by an Admin.
Cancelled: (Potentially, if implemented) An invoice that was voided.
Access: Admins manage the status transitions (Finalize, Mark Sent, Mark Paid, Delete Draft). All roles with invoice access (Admins, Executives) can view the status.

Payment terms define when an invoice payment is due (e.g., "Net 30", "Due on Receipt").

Default: A default payment term can be set for each Customer.
Invoice: The customer's default term is typically applied to the invoice, determining the Due Date based on the Invoice Date.
Access: Admins set default payment terms when creating/managing customers.

Finalized invoices (Ready, Sent, Pending, Overdue, Paid) can usually be downloaded as PDF documents for sending to customers or for record-keeping.

Access: Admins and Executives can typically download PDFs from the invoice list or detail view.