The project’s Finance tab has three views: Profitability, Billing and Actuals. Your permissions determine which details you can view and edit. Not every project member has access to costs or margin.
What counts towards actuals and costs?
Working hours come from confirmed days, including approved days and days locked for payroll export. Draft hours are excluded. Labour cost uses the cost rate; the value of billable work uses the sales rate.
Expense and travel costs can appear before approval, once they are no longer drafts. Their billable value is included only after approval. Project purchases are included once approved.
Actuals and the amount ready to invoice can therefore differ. Not all work is billable, and approval, pricing and your organisation’s billing settings also affect invoicing.
Profitability and budgets
For time-and-materials and retainer projects, revenue is based on the value of work performed and billable expenses. For fixed-price projects, period revenue shows invoiced amounts, while margin compares the agreed price with costs incurred over the entire project so far. Margin also takes account of approved change orders and expenses billed on top of the agreed price.
Set budgets in hours and euros as needed. Hours are measured against the budget over the whole project. The euro budget is compared with costs for fixed-price and non-billable projects, and with accrued revenue for the other billing models. A fixed-price project uses the contract amount as the comparison if no separate euro budget is set.
Needs review helps you find gaps such as unpriced hours or a missing contract amount. Phase budgets and entry locking are covered in Divide a project into phases.
Follow billing progress
The billing view shows how much has been invoiced, how much is reserved in draft invoices and what is ready to invoice now. If the project has a contract amount, euro budget or recurring fee, it also shows the amount remaining against that figure.
An amount reserved in a draft invoice has not yet been invoiced. The amount ready to invoice is shown separately too: it has not been deducted from the remaining amount as invoiced work.
Billable items are broken down by source, such as hours, instalments, change orders, expenses and purchases. When you are ready to invoice, follow Create and send an invoice.
Instalments and change orders
You can bill a fixed-price project in instalments. Create them from quote sections or add them manually. An instalment linked to a milestone becomes billable when the milestone is completed. Without instalments, you can release the entire contract amount for billing as a single item.
Record work outside the agreed scope as a change order. Once approved, it increases the agreed project value and can be billed separately.
Purchases and onward billing
Record materials and subcontracted work as project purchases. Approved purchases appear in costs, and purchases marked as billable can be invoiced to the customer.
Choose how each item is priced: sales price, at cost, cost multiplied by a factor or a manually entered price. You can also set a default purchase multiplier for the project.