Project financials tab is where you set prices and add fees and costs to projects. You can also forecast financial data like billing and other costs either manually or automatically using the Update forecast feature. Key financial figures are displayed on the right side and it's 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 if hours are billable or not. Note that travel and product prices are also 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. Phase specific rate exception can be found from their own section and you can add them using the Add rate exception button. You can add either hourly or flat rates.
The price that hour entries get follow the logic described below:
- Flat rate (root phase/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
If you look at the example picture above you can see that all hours entered to phase Planning by Ted Tester get an hourly rate of 35 EUR and for hours entered using work type Consulting the rate is 45 EUR. If Ted enters hours to any other phase or uses any other work type the rate is project default, 100 EUR/h. Note also that with that pricing, hours entered using work type Internal work are not billable from customer as Bill is not selected.
On Travel rates tab you can define if different types of travel expenses are billable or not. Product rates tab displays product prices and where the price comes from (Price list/Product registry).
Fees and other expenses
This section is divided into four smaller sections: Fixed fees, Products, Subcontracting and Travel expenses. And each section fees and costs are divided into billable (billable now), billable later, already billed and non-billable.
In this view you can also add new fees by selecting Add a fee. If your company is using recurring billing (included in Premium and Enterprise versions), you can add recurring fees here. Option to add recurrence rule appears when you have selected the product/item.
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 Update forecast feature to automatically forecast Revenue, Billing, Other costs and Labor expenses.
This feature can be used at any time during the project. Updating will overwrite all previously entered values in billing and other expenses forecasts from current month and onward. The calculation is based on fees and resourcing on the project.
Note that 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