In this article, we will help you understand how to manage your financial information while creating a project. For further information on creating a project in Rocketlane, please refer to this article
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In this article
- Financials for Fixed fee projects
- Financials for Time and material projects
- Financials for subscription projects
- Financials for Non billable projects
Financials for Fixed fee projects
If you have fixed-price projects where your customers pay you for the entire project regardless of how much time and resources you use, make sure to include the following information:
Currency is the project currency in which you bill your customers
Fixed fee is the amount your customer pays you for the project. It will be the revenue you earn.
Budgeted hours refer to the total amount of time you have set aside to complete the project.
Revenue Recognition: If a standard revenue recognition method is not already set for the account, select a revenue recognition method from the available options.
Note: When creating a project, you have the option to choose the method of revenue recognition if it hasn't been set on an account level already.
Financials for Time and material projects
If you have a time and material project where customers pay for the hours and resources used, make sure to include the following information:
Currency is the project currency in which you bill your customers
Rate cards lists the hourly bill rates of the team members working on your project. You can use this information to invoice your customers for the time your team tracks.
Project budget refers to the amount of money you have allocated for this specific project.
Budgeted hours refer to the total amount of time you have set aside for finishing the project.
Financials for subscription projects
With Rocketlane's subscription billing, you can easily manage projects with monthly, quarterly, or yearly recurring fixed budgets and budgeted hours.
The following information would be required for a subscription project:
Currency is the project currency
Subscription is the method of billing
Subscription frequency typically refers to how often a subscription renews or occurs within a set timeframe, such as monthly, quarterly or yearly.
Subscription start date is the date you start your subscription
Period budget represents the fixed budget of every subscription period.
Period hours represent the budgeted hours of every subscription period.
No. of periods number of subscription periods.
Financials for Non billable projects
To keep track of non-billable projects, you can monitor the budgeted hours. This helps you measure the time spent on internal tasks or non-billable activities that are similar in nature.
