T&M contract line in detail
A contract line is defined with a Name and a Line ID and it is always part of a Group. You can also further define your contract line with a description which will appear on the invoice.
PSOhub support four types of contract lines: Fixed Fee, T&M (Time and Material), Expenses and Retainer.
A contract line defined as Time & Material (T&M) will allow you to invoice the actual hours that have been booked towards a contract line. There is no fixed amount here, you invoice time spent.
The financial information of a T&M contract line will be displayed in the three following fields: Amount, Budget and Total Value.
Amount: This field is automatically populated by PSOhub with the value of the hours booked and, as such, can't be overwritten. This field is also leveraged in the process of billing.
Budget (Sales): Represents your budget based on your selling rate. A T&M contract line would represent the budget/estimate you have agreed upon with your client.
Budget (Costs): This field is optional and represents the budget based on your cost rate (internal budget). You can key it in manually or you can leverage the Workload Sheet to update this field automatically.
Total Value: This field is leveraged in the calculation of the Total Project Value (General information section of your project page). It represents the value of the contract line, i.e. it equals the value in the Amount field.
Note, that the value of hours booked towards a T&M contract line is always equal to the value in the column Used of the Contract tab.
The section Accounting details will allow you to overwrite the default sales tax and revenue account defined in the Organization Info settings. If you need PSOhub to use a specific tax category or revenue account for this contract line, you will enter it here.
The option "Add as task list in tasks" :
Will allow you to add this contract line as a task list to your project's task board if it's not already included in your project's task board template or if you plan on creating your task board without any existing template.
The option Active will only appear once your project is set to Active.
As soon as you change the status of your project to Activate, your contract line will also be set to Active and this box will be automatically checked. This will allow entries to be made towards the contract line.
If you wish to prevent people from booking time or expenses towards a contract line, simply uncheck this box and this contract line will no longer be available for entry.
Enable smart contract
This last section will provide you with auto-invoicing functionality as well as alerts and auto-deactivation of your contract lines on budget overwrite.