In the following video you will get an overview of how to create a recurring fixed fee. To get a complete understanding of recurring fixed fees, please take a look at the rest of the article below.
Fixed Fees will allow you to book time towards a contract line whilst invoicing a fixed amount; i.e. the value of the booked hours does not influence the amount to be invoiced.
In PSOhub you can set your fixed fee with an invoice schema defined as recurring. To do so, simply open the contract line and check the box Smart Contract.
You will have the option of four different invoice types. Note that once time is booked towards a contract line, it is no longer possible to change the invoice type.
Recurring fixed fee: This option will automatically invoice a fixed amount on a recurring basis. Once you select it, you will get to define the following parameters:
Start date: On this date PSOhub will automatically invoice this contract line.
End date: This date determines when PSOhub will stop invoicing the contract line. Note that this field is not mandatory. If your recurring fees are renewed automatically on a yearly basis, you can leave it blank. Once the contract is terminated, simply come back to the contract line and specify the End date.
Next invoice on: This field is read only. PSOhub will automatically display the date of the next invoice in this field.
Frequency: You can opt for a monthly or yearly invoicing recurrence.
Note that the Amount that you will specify when creating the fixed fee will be used as the amount automatically invoiced on a recurring basis. That same value will be displayed at the bottom of the Smart contract Settings.
Also note that In the project screen, if you have selected a Monthly recurrence with no End Date, PSOhub will display the value of 12 months in the field Total Project Value. If you select a Yearly recurrence, PSOhub will display the value of one year in the field Total Project Value.
Invoicing Recurring fixed fee.