What is a contract in PSOhub?
A contract in PSOhub represents the agreement/deal that you have signed with your client. Its purpose it two-fold:
Help you manage the level of details of time and expense entries.
Provide you with the underlying structure of your invoices.
Contracts and Templates
A contract consists of contract lines grouped together under groups and templates are simply pre-defined contract structures that you will leverage when you create a project.
Contract lines in detail
PSOhub supports 4 types of contract lines: Fixed Fee, Time & Material, Retainer and Expenses.
Fixed Fee will allow you to book time towards a contract line whilst invoicing a fixed amount; Fixed fees are also used to track non billable time. Learn more...
Time & Material (T&M) will allow you to invoice the hours that have been booked towards a contract line. Learn more...
Retainer will allow you to invoice. Learn more...
Expenses will allow you to invoice expenses booked towards a contract line. Learn more...
PSOhub also provides smart contract functionality such as:
Alerts, deactivation and monthly automatic invoicing for T&M contract lines
Alerts, deactivation and automatic invoicing (installment, recurring, 100%.) for Fixed Fee contract lines.
Alerts, deactivation and auto-invoicing for Retainer contract lines.
Alerts and deactivation for Expense contract lines.
Information tracked in the contract
Each contract line will provide the following information:
Amount: represents the amount to be invoiced to the client. In the case of a Fixed Fee, it is the fixed amount in the contract. In the case of a T&M, it is the value of the hours booked.
Budget: is the budgeted amount for the contract line.
Used: represents the value of the time or expense entries.
Invoiced: displays the amount invoiced so far.