Fixed Fee 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 a Fixed Fee will allow you to book time towards the contract line whilst invoicing a pre-defined fixed amount.

Fixed Fees are also used to track time that is not billable; i.e. when the field Amount is left at zero, PSOhub will still track time booked but exclude the contract line when invoicing the project.

The financial information of a Fixed Fee contract line will be displayed in the three following fields: Amount, Budget and Total Value.

  • Amount: You will define here the amount to invoice your client.

  • Budget (Sales): Represents your budget based on your selling rate. In the case of
    a Fixed Fee contract line, that would be your internal budget (based on your selling rate). You can also leverage the Workload Sheet to update this field automatically.

  • Budget (Costs): Represents your budget based on your cost rate. The Budget (Costs) represents your internal budget based on your cost rate.

  • 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 Fixed Fee contract line is always displayed in the column Used of the CONTRACT tab. In the case of a Fixed Fee, the time booked will have no influence on the amount to be invoiced.

Accounting details

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.

  • Also note that if you deactivate a contract line defined as a Fixed Fee with installments or recurring, it will no longer be invoiced.

Enable smart contract

This last section will provide you with auto-invoicing functionality (such as installments, recurring and 100%) as well as alerts and auto-deactivation of your contract lines on budget overwrite.

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