Project financials

On Project financials tab you set project pricing and add fees and costs to your project. You can also update financial forecasts like billing and other costs either manually or using the Update forecast feature. Key financial figures and project invoices are displayed on the right side.

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 work types as not billable.

Product rates 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/or users. Use the Add rate exception button to add phase-specific exceptions to the price list.

The price that hour entries get follow the logic described below:

1. Flat rate project (parent phase)
2. Flat rate phase
3. Price per hour per person + work type + phase
4. Price per hour per work type + phase
5. Price per hour per person + phase
6. Price per hour per phase
7. Price per hour per person + work type
8. Price per hour per work type
9. Price per hour per person
10. Price per hour for all

On Travel rates tab you can define if different types of 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 Recurring 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, invoiced and non-billable.

Here you can also add new fees or costs by selecting Add fee or cost. To delete a fee or cost hover your mouse over the wanted item and click the red Remove icon.

It is not possible to delete a fee or product 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 fee or cost. Available recurrence rules are:

• Repeat every: invoicing recurrence, for example every 6 months.
• Start date: the date when the first entry gets ready for invoicing.
• Recurrence end: the end of the recurrence. This setting 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 in Times field.
  • On date: recurrence ends on the date set in End date field.
• Start date of invoice row's display period: the start date of the time frame that is displayed on the invoice row text when the entry gets invoiced.

Recurring or Start date values cannot be changed after the fee has been invoiced but Description, Quantity, Business unit, Unit cost, Unit price and VAT can be changed at any time.

Project forecasting is an essential tool when comparing project financial success to your own estimates. In forecast you can edit forecasts for 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 row. You can also use the Update forecast feature to automatically calculate Revenue, Billing, Other expenses 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 "Start date" selection.
• “Repeat every” defines the intervals after the start date.
• When ending is after X times, as many occurrences as defined in Times are created.
• When ending is on a certain date, occurrences are created until the month of the end date.
• With Never selection, occurrences for 12 months forward are created.

Keywords: project financials, price list and hourly rates, travel rates, product rates, fees and costs, recurring billing, flat rate project, billable and non-billable items, update forecast, project financial forecasting

Did you find it helpful? Yes No

Send feedback