Retainer 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 Retainer will allow you to invoice a pre-defined Amount based on a schedule and generate a balance invoice/credit (actuals booked vs amount invoiced) at any given time of the project's duration.
The financial information of a Retainer contract line will be displayed in the three following fields: Amount, Budget and Total Value.
Amount: You will enter here the total value of the retainer (i.e. 6 months of 5k monthly retainer would represent 30k). This field is also leveraged in the process of billing.
Budget: This field is optional and represents the budget for this contract line. By default it will be automatically populated with the value of the Amount field. You can overwrite it manually or via the Calculation Sheet.
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.
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.
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In addition to alerts and option to prevent budget overwrite, this last section will define the automatic billing schedule of your retainer.
Once you click on Add new line, you will need to complete the following information:
Due date: Enter the invoicing date of this retainer line.
To invoice (%): This is where you specify the percentage of the amount to be invoiced for this retainer line. The amount used for the calculation is the one defined in the field Amount of the retainer contract line.
If your retainer consists of one single amount to be invoiced at the beginning of the mandate, you will enter one line only in the schedule and specify 100% in the To invoice (%) field.
If your retainer is to be invoiced on multiple dates you will enter the corresponding % of amount to be invoiced on the due date of each line.
Description: The description entered here will be displayed next to the contract line name on the invoice.
Once you are done, hit Save at the bottom of the screen.
Once the project is ongoing, and at any given time, you will be able to generate a balance invoice/credit (based on hours booked vs amount invoiced).