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 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 selected and imported 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, 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% used) 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.