FAQs on payment cycles
Updated over a week ago

What are Payment Cycles

Invoices at Fixed Rate and Pay As You Contracts are tied to an Invoice Cycle.

When an invoice is generated by the contractor in a given cycle, the invoice belongs to that cycle. Now the invoice is accounted for and can help streamline payments in a given cadence.

Payment cycles can be set during the contract creation. There are flexible options to set predefined or custom cycles of your choice.

Thera offers Monthly, SemiMonthly, Biweekly and Weekly payment cycles

For Fixed Rate Contracts
Invoices are generated every cycle based on the contract and don't require admins or contractors to submit invoices.

For Pay As You Go contracts
The number of hours/days/weeks(depending on the payment frequency of the contract) will have to be submitted.

What happens when work isn't submitted on time (Only for Pay As You Go contracts)

Contractors or Admins can submit work, and assign it to any of the previous cycles. The created invoice will be marked overdue.

How to view Invoices breakdown for an Invoice Cycle

For Pay As You Go and Fixed Rate Contracts, History is shown based on a cycle. An invoice cycle can have multiple invoices and are thus shown together.
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The detailed breakdown of what is Pending Approval, approved, denied and paid can be viewed upon clicking on the line item.
The same applies while Reviewing invoices, or viewing history from a contractor profile.

When is a Payment "Overdue"

When an invoice isn't paid after a cycle ends and passes the due date, the invoice is marked overdue. Overdue payments will need to be addressed so that your contractors can get paid on time.

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