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What is a contract in a PSOhub project?
What is a contract in a PSOhub project?

Understand what is a contract in PSOhub, how to create a contract from a template, contract lines, alerts, automatic invoicing and more.

Julie Bennett avatar
Written by Julie Bennett
Updated over a week ago

Updated 27th December 2023

What is a contract in PSOhub?  

A contract in PSOhub represents the agreement/deal that you have signed with your client. Its purpose is twofold:

  • Help you manage the level of details of time and expense entries.

  • Provide you with the underlying structure of your budget and invoices.

Contracts and Templates  

A contract consisting of contract lines grouped together under groups and templates are simply pre-defined contract structures that you will leverage when you create a project.

Once you have inserted your contract template at the project level, you can modify, add and even delete contract lines and groups according to this assignment.

Contract lines in detail

PSOhub supports four types of contract lines: Fixed Fee, Expenses, Time & Material, and Retainer.

  1. 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.

  2. Expenses will allow you to invoice expenses booked towards a contract line.

  3. Time & Material (T&M) will allow you to invoice the hours that have been booked towards a contract line.

  4. Retainer will allow you to invoice pre-defined Amount based on a schedule and generate a balance invoice/credit (actuals booked vs amount invoiced) at any given time of the project's duration.

PSOhub also provides smart contract functionality such as:

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 will represent the value of the hours booked. 

  • Budget: is the budgeted amount for the contract line based on the selling rate.

  • Used: represents the value of the time or expense entries.

  • Invoiced: displays the amount invoiced so far.

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