Interim invoice template
Interim invoice template is for billing over the life of a project instead of waiting until completion. Used in construction, consulting, and long-term service agreements, interim (progress) invoices are issued at milestones, by percentage of completion, or on a schedule (e.g., monthly). They improve cash flow for the contractor and let the client pay in step with work done; a Schedule of Values or contract schedule defines amounts and timing. Retainage (e.g., 5–10% until final approval) is common in construction.
Interim invoice template Sample
Interim invoice template
123 Business Street, City, Country
Phone: (123) 456-7890
Email: contact@company.com
Interim invoice template
Bill To:
Client Name
Client Address
Client City, Country
Phone: (987) 654-3210
Email: client@example.com
Invoice #: 12345
Date: 2024-10-10
Due Date: 2024-11-10
| Item | Description | Qty | Price | Total |
|---|---|---|---|---|
| Service A | Itemized service or product | 1 | $100.00 | $100.00 |
| Service B | Additional line item | 2 | $50.00 | $100.00 |
| Subtotal | $200.00 | |||
| Tax (10%) | $20.00 | |||
| Total Due | $220.00 | |||
An invoice should include your business or name, the customer’s details, the date and invoice number, and a line-by-line breakdown of what was provided. Including payment terms—such as due on receipt, Net 15, or Net 30—helps you get paid on time and keeps records clear for taxes.
Supporting resources
| Resource | Type | Description |
|---|---|---|
| Progress billing methods | Industry guide | Milestone-based (e.g., 25% at design approval), percentage-of-completion, time-and-materials, unit price; Schedule of Values ties amounts to tasks. |
| Construction retainage | Benchmark | Often 5–10% held until final completion and punch-list sign-off; terms should be in the contract. |
| Interim invoice checklist | Checklist | Invoice number and period/milestone, contract or PO reference, cumulative and current amount, work completed description, balance to date, and payment terms. |
| Investopedia Progress billings | Reference | Definition and benefits of progress billings for contractors and clients. |
Frequently Asked Questions
- What is an interim invoice?
- An invoice issued during a project for a portion of the work completed (by milestone, percentage, or schedule), rather than one invoice at the end. Also called progress invoice or progress bill.
- When should I send interim invoices?
- As agreed in the contract: e.g., monthly, at defined milestones (e.g., 25%, 50%, 75%), or by percentage of completion. Clear terms avoid disputes.
- What is retainage on progress invoices?
- A portion (often 5–10%) of each progress payment held until the project is fully complete and accepted. The final invoice typically includes release of retainage.