Creating projects with Financials

Created by Monica Madan, Modified on Fri, 22 Dec 2023 at 08:20 PM by Monica Madan

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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


In this article


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.



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.








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