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Template For Invoicing


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									                                     TBG Guidelines for Reporting and

                                     with templates appended

Notes for Invoicing and Reporting requirements
Time periods for ongoing invoicing and reporting are agreed to as part of the contract
(Schedule B). Companies are required to submit a report with each invoice, and submit
an invoice on at least a quarterly basis.

A Standard Reporting and Invoicing template, including Estimated Drawdown
Schedule update (Appendix 1) is to be completed by the company and sent to the
Foundation. The company‟s obligation under the terms of the contract (as per clause 5.1
of TBG Contract) is to ensure timely Reporting and Invoicing. The required invoicing
periods are stated in the Offer letter.

All costs must be actual and reasonable, and relate directly to achieving the technical
objectives as laid out in the Project Plan in the approved application. The Foundation has
a random audit function for all contracts, so prudent record keeping is essential.

In order for the Foundation to make payment to the company, copies of invoices for
amounts over $1000.00 must be provided, along with the completed Standard Reporting
and Invoicing template.

Final payments are subject to the satisfactory Final Report being submitted to the
Foundation. Ten percent of the project funding is held until final invoices and reports are
approved as detailed in the TBG Contract. Information requirements for Final Reports
are outlined below in „Notes for completing the Final Report‟ (Appendix 2).

All Foundation payments are made on the basis of reimbursement for actual costs
incurred by the company. This includes payments to employees for salary and wages.
Please ensure all costs charged against company employees can be validated by
timesheets if required.

Full payment to contractors, suppliers and companies contributing expertise and time to
the project is required prior to submission of invoices for payment by the Foundation.
Please include a covering invoice on company letterhead addressed to the Foundation
for Research, Science and Technology with the following information.

 GST No:
 Date of Invoice:
 Period covered by
 TBG Contract Number:
 Project Title:
 Claim Number:
 Project Actual Costs for Period (GST Inclusive):
 (as per completed Reporting and Invoice: Summary of Objectives
 Amount of Claim

                                       Page 1 of 6
Successes throughout the duration of your project provide a valuable PR opportunity.
The FRST Communications Team would be pleased to discuss how it can help. Please
contact your Investment Manager for more information.

                                   Page 2 of 6
                                                                                   APPENDIX 1

                                  TBG Standard Reporting and Invoicing
                                  To be read in conjunction with the above ‘Notes on
                                  Reporting and Invoicing Requirements’

                                 Monthly TBG Progress Report
Project title
Contract ID                                           Invoice no
Reporting period                                      Date

In order for the Foundation to keep track of the funds it has available, to enable us to
better plan our ongoing cash commitments, to be confident that this project will be
completed in an appropriate time-scale, and is still likely to meet the agreed objectives we
require an up to date Expected Drawdown Schedule (“EDS”) for the next 6 months be
submitted with each invoice.

         Total contract value:
         Funds drawn down to date:
         Contracted project end date:
         Current invoice:
         EDS next 6 months:


For each objective, eg

Objective 1: [Title]
Work Performed                                  Measurable technical milestones      Milestone
(detail work performed under this               achieved as per Technical            Achieved
objective)                                      Project Plan (if applicable)         Yes/No

Issues (if any)

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                                                                                  APPENDIX 1

                 % Completed                                     On Budget?

   Planned _____ %      Actual ______ %              Target ______ % Actual ______ %
Action:(Deviation to expected timeline              Action: (Please explain variation and
requires a course of action to be taken.)           what corrective action will be taken if
Comments for variation (if required)

Note: % Completed and On-Budget are important indicators of your project’s
progress. With variances of more than 10%, the company has an obligation under
the terms of the contract to notify FRST. It is expected that the Business Manager
be informed and the Expected Drawdown Schedule (EDS), timeline and the project
plan may be adjusted accordingly.

Objective costs for this period (A cost breakdown is required for each objective)

 Objective 1
 A. Internal costs                                                      Totals
 Name (Please indicate if employee is         Hourly      No of hours
 new by adding ‘new’ beside name)              rate

 B. External costs 
 eg Consultant name                                      Invoice no

 Research Provider                                       Invoice no
 Materials and consumables                               Invoice no
 (provide details)

 C. Depreciation                            Detail capital items and
                                            associated depreciation
 (only if approved in project plan)         amounts

 Internal Costs: Costs associated with salaries of current and new employees. Hourly
rates are to include the overhead component as stated in Project Plan.

 External Costs: Include consultants, R&D providers and materials & consumables used
as part of the project.

Please note: for all external costs over $1000, please attach copies of the relevant
invoice/s. The contractor must ensure that invoices from subcontractors and suppliers
have sufficient detailed information on the kind of work performed and materials
purchased, which is required for reporting and audit purposes.

Summary of Objectives table

                                      Page 4 of 6
                                                                                APPENDIX 1

 Summary of     A. Internal costs    B. External costs      C. Depreciation       Totals for
 objectives                                                                       current
                Current   Project    Current      Project   Current   Project
                invoice   to date    invoice      to date   invoice   to date
 Objective #
 Objective #
 Objective #
 Plus GST
 Total Costs requested for this period
 Amount invoiced (up to a maximum of 50%)

 General comments: (Relevant comments on overall project, including market

                                    Page 5 of 6
                                                                              APPENDIX 2

                                  Notes for completing the Final Report

The Foundation will not release the final 10% of the grant without a final report.

Submission of the Final Report is an online process. An email will be sent to the
company shortly before the Final Report is due, providing the company with a unique
login to the myFRST web-based portal. Once access is given to the portal, the company
will be required to complete Profile information, and upon completion of the project,
complete the Contract Completion Report.

Overall, the Foundation is looking to gain an understanding of the impacts that the
Research and Development project has had on your business. This report should
capture the learning and outcomes of the project and address the following:

 Technical outcome          Outline the technical achievements of the project and any
                            problems or issues encountered during the project‟s
                            completion. Did the project achieve the desired technical

 Commercial potential       Outline any actual or pending commercial successes that
                            are likely to result from the project. Include comments on
                            the expansion of existing markets and the establishment of
                            new market channels or market niches the project is likely
                            to result in.

 Business impact            Outline the impact of the R&D project on your business.
                            Include comments on the company‟s ongoing commitment
                            to investing in R&D, any resulting increase in technical
                            capability of the business, and any ongoing benefits
                            brought through new external research partnerships.

 FRST                       Outline the company‟s experience in working with the
                            Foundation, and comment on the ease or otherwise of the
                            process and the support provided by Foundation staff.

Completion of a project provides a valuable PR opportunity. The FRST Communications
Team would be pleased to discuss how it can help. Please contact your Business
Manager for more information.

Post Contract Reporting

For projects that have received funding of $50,000 or greater, further performance reports
will be required at 18 months and 36 months post contract completion. Further details
can be obtained by referring to the TBG Contract Completion and Performance
Information, available from the website

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