Project financials tab is where you set prices and add fees and costs to your project. You can also add financial forecasts like billing and other costs either manually or using the Update forecast feature. Key financial figures are displayed on the right side and from here it is easy to access projects' invoices.
In Set prices section you can choose if project uses price list from Settings or project specific pricing. If you are using a price list from settings, prices are not editable on project. By selecting Convert to project specific pricing you can edit hourly prices and mark hours as not billable.
Product prices are editable directly on project when using project specific price list.
Set prices section is divided into three smaller sections: Work hour rates, Travel rates and Product rates.
With Add hourly rate you can add new pricing rules linked to work types and users. Use the Add rate exception button to add hourly exceptions for specific phases and flat rates.
The price that hour entries get follow the logic described below:
- Flat rate (project level)
- Flat rate (phase)
- Price per hour per user + work type + phase
- Price per hour per work type + phase
- Price per hour per user + phase
- Price per hour per phase
- Price per hour per user + work type
- Price per hour per work type
- Price per hour per user
- Price per hour
On Travel rates tab you can define if travel expenses are billable or not.
Product rates tab displays product prices and if the price comes from price list or product registry.
From this section you can find Fixed fees, Product fees, Subcontracting fees and Travel expenses added to a project. In each section, fees and costs are divided into billable (billable now), billable later, already billed and non-billable.
Here you can also add new fees by selecting Add a fee. To delete a fee hover your mouse over the wanted fee and click the red Delete icon.
It is not possible to delete a fee which has been invoiced.
If you are using recurring billing, you can add recurring fees here. Option to add recurrence rule appears when you have selected the product or item. Available recurrence rules are:
- Repeat every: Invoicing frequency, for example every 6 months.
- Start date: The date when the first entry gets ready for invoicing.
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Recurrence end: The end of the recurrence. This settings is editable afterwards.
- Never: Row recurs until it gets ended manually.
- Number of times: Used when you want to end the recurrence after certain amount of entries. The amount of recurrences is defined on Times field.
- On date: Recurrence ends on the date set on End date field.
- Start date of invoice row's display period: The start date of the time period on the text displayed when the entry gets invoiced.
Frequency or Start date cannot be changed after the fee has been billed but Description, Quantity, Unit, Cost, Price and VAT can be changed at any time.
Project forecasting is an essential tool if you want to compare your estimations to actual figures. Forecast allows you too add forecasts to revenue, billing, other expenses, sales margin, labor expenses and project margin. You can also add multiple forecasts for same row by clicking the pencil-icon in the forecast field. You can also use the Update forecast feature to automatically calculate Revenue, Billing, Other costs and Labor expenses.
This feature can be used at any time during the project.
When calculating forecasts, recurring fees use the logic below:
- The first month is looked up from the "Starting" date.
- Frequency defines the intervals after "Starting".
- When ending is after X times, amount of occurrences into forecast are created.
- When ending is on a certain date, amounts until the month of selected date are created.
- When ending is never, occurrences for 12 months forward are created.
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