Expense 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 Expenses will allow you to invoice the actual expenses that have been booked towards the contract line. There is no fixed amount here, you invoice expenses booked.
The financial information of an Expense 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 expenses booked (exclusive of tax) 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. In the case of
an Expense Fixed fee contract lines, that would be your internal budget (based on your selling rate). An Expense contract line would represent the budget/estimate you have agreed upon with your client.
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 will always display a zero value because it is excluded from the calculation of the Total Project Value (General information section of your project page).
Note, that the value of expenses booked towards an Expense contract line is always displayed in the column Used of the Contract tab.
Furthermore, there are two more options added for an Expense contract line to leverage:
Fixed fee expense: means that you can enter in the Amount field a value which will be invoiced no matter the actual expenses booked on the contract line. An Expense contract line set as Fixed Fee will behave the same way as a Fixed Fee contract line (related to Hours).
Non billable: means that you will book expenses and they will not be invoiced, i.e. the Amount field will remain blank.
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 alerts and auto-deactivation of your contract lines on budget overwrite.
Alerts & budget overwrite
In the smart contract settings, you will be able to define one or two budget alerts.
Once the budget exceeds the first alert a message will show in the ACTIVITY feed of your project. Same process will occur for the second alert, if you have set one up.
If you have checked the box Send alerts for any team member of this project,
the alerts will also show in their personal dashboard in PSOhub
as well as trigger an email that will be sent to them.
In addition to the alerts, you can also check the function Deactivate the contract line on budget overwrite which will prevent anyone from booking expenses once there is no more budget left on the contract line.