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Updating Deal Amount in Portal Sales for Closed-Won Deals

Welcome to our knowledge base article, where we'll guide you through the process of updating the deal amount when changing the stage to "Closed-Won" in portal sales.

It's crucial to ensure accurate financial records and reflect any external payments 

Prerequisites: Creating a Deal

Before we delve into updating deal amounts, please refer to our Knowledge Base article on how to create a deal. Understanding the fundamentals of deal creation is essential for effective management within the portal sales environment.


Deal Amount Calculation

When onboarding a project, the deal amount needs to align with project pricing, factoring in Upwork policies. Upwork imposes a service charge of 10%, and there is an additional 1% WHT/PST associated with the payment.

For instance, if the project is valued at $100, the tentative deal amount to be initially updated should be $89. This reflects the deducted service charge and WHT/PST as per Upwork policies.




Timing Considerations

It's important to acknowledge that the deal amount needs to be fine-tuned according to the transaction history. Upwork typically takes 5 days to process payments into your account once a milestone is approved. Therefore, when the milestone is approved, and the amount changes from grey to white, it's time to update the deal amount precisely according to the transaction history.

Navigate to transaction history on Upwork account under reports https://prnt.sc/J7EhnXCIa8Pf

This is an example where the transaction is in pending state, indicated by grey status and the payment will reflect in account on 4-Feb-2024 https://prnt.sc/dkxPTQiOSvsr
This is an example where the transaction is approved, indicated by white status  and the deal should be updated according to the tax calculations https://prnt.sc/myTlqMnaxVQC and moved to “Closed-won”



External Payments and Pipeline Management

In scenarios where a client makes a payment outside of Upwork, the deal will still be counted in the sales target of the respective deal owner. However, the pipeline status should be adjusted to "Video Direct Sales" to accurately reflect the nature of the transaction.

https://prnt.sc/C-D0cIZNRHTN -> https://prnt.sc/w5hHoalIjwse -> https://prnt.sc/vipaqxMtyY1Z

Following these steps will help maintain accurate financial records and appropriately categorise deals in the portal sales pipeline.

 

Considerations for Calculating Target Amounts:

  1. Ensure that the deal amount aligns with the transaction history amount for accuracy and consistency.
  2. Targets are calculated from the last Wednesday of the current month to the last Wednesday of the following month. It's essential to update your deals by the last Wednesday of each month to respond to target emails promptly.
  3. Note that the last Wednesday rule applies specifically to Upwork payments. If a client pays through other methods like Bank transfer, Interac, Paypal, etc., before the last day of the month, the amount will be included in the target for that same month.

Published by 

Sandeep Kumar