New functionality has been introduced to manage fixed price projects using the time and material accounting concepts. This design helps track the Accrued revenue and Work in progress on an hourly basis, while maintaining the nonbillable nature of those project transactions. This concept is lit up through a combination of automatic Billing rules and a new T&M “Fee types”. The Fee types available are:
- None
- Fixed fee
- Progress
- Time and materials NTE
There is new Fee management experience introduced to maintain the progress and visibility of the project status. Project budgets, progress percentage and milestones are managed from this form. Existing project invoice proposals can be viewed and new ones can be created as well.
This feature is parameter controlled. Billing categories can be specified on the parameters form to track the revenues generated from each kind billing methods. While defining a project budget or modifying it, a forecast line is created, tracking all the changes to project budget.
