Understanding Retainer Tracking

⏱️ 5 minute read

The Retainer Tracking tab within a project is the hub of a retainer project and is typically used by Project Managers to ensure the project is financially on track. Retainer Tracking includes Retainer Status Chart, Retainer Totals and a breakdown of all periods.

This article covers:

• Understanding the Retainer Status Chart
• Viewing Retainer Totals
• Reviewing Retainer Periods
• Related Articles

Understanding the Retainer Status Chart

At the top of Retainer tracking is the Retainer Status chart. This chart reflects a series of data points shown in the following image, where each data point is defined below.

Retainer Type: Fixed Hours 

• Default Period Target: Depicted by a thin blue line running horizontally across the chart. Fixed Hours retainers display default period targets in hours.
• Period Target: The actual target value on an individual period.
• Subtracted Hours: This is the value, in hours, deducted from a past or future period.
• Rolled Over Hours: This is the value, in hours, added to a past or future period.
• Planned Time: Planned time for that period.
• Time Entries: Time entries logged in that period.
• Remaining Capacity: This is the remaining project-allocated hours from the current date through the end date of the period.

Retainer Type: Fixed Price 

• Default Period Target: Depicted by a thin blue line running horizontally across the chart. Fixed Price retainers display default period targets as price. 
• Period Target: The actual target value on an individual period.
• Subtracted Price: This is the value, in price, deducted from a past or future period.
• Rolled Over Price: This is the value, in price, added to a past or future period.
• Estimated Billable Value of Service: This is calculated as your estimated time multiplied by the applicable rate (plus the cost of any billable expenses tied to the fixed-price agreement for that period, if you’ve decided to include expenses as part of the fixed-price retainer). 
• Actual Billable Value of Service: This is calculated as your logged time multiplied by the applicable rate (plus the cost of any billable expenses tied to the fixed-price agreement for that period, if you’ve decided to include expenses as part of the fixed-price retainer).

To learn more about expenses on fixed-price retainers, review our release notes: Introducing Expenses on Fixed-Price Retainer Periods.

Actual Billable Value of Service: Includes any approved expense marked "Part of Fixed Price" and assigned to a period, as long as the expense date is before today. Whether the expense is planned or unplanned does not matter. If no expenses are associated with the period, this value is based on time registrations only. Conflicted time is excluded from the calculation.

Estimated Billable Value of Service: The expense must be approved, marked "Part of Fixed Price," assigned to a period, and have "This is planned" selected. The expense date does not matter, so both past and future expenses are included.

Projected Total: Expenses dated today are included in the Projected Total rather than Actual Billable Value of Service.

Retainer Type: Time & Materials 

• Default Period Target: Depicted by a thin blue line running horizontally across the chart. Fixed Hours retainers display default period targets in hours.
• Period Target: The actual target value on an individual period.
• Planned Time: Planned time for that period.
• Time Entries: Time entries logged in that period.
• Remaining Capacity: This is the remaining project-allocated hours from the current date through the end date of the period.

You can hide/show any of these data points by clicking on them in the legend section at the bottom of the chart.

Viewing Retainer Totals

Retainer Totals provides an at-a-glance overview of the project and its current standing. 

Retainer Type: Fixed Hours 

• Retainer Type: The type of retainer, Fixed Hours, Fixed Price or Time & Materials.
• Periods: The number of periods within the project. 
• Total Target Hours: This is the total target on the project, derived from the sum of all period targets (or by multiplying the default target value by the number of periods).
• Default Period Target: The default period target set when the project was created. Aligns with the horizontal blue line in Retainer Status chart. 
• Past Periods Average Target Hours: The average target hours across all past periods on the project.
• Past Periods Average Actual Billable Hours: The average actual billable hours logged across all past periods on the project.

Retainer Type: Fixed Price 

• Retainer Type: The type of retainer, Fixed Hours, Fixed Price or Time & Materials.
• Periods: The number of periods within the project. 
• Total Period Price: This is the total target on the project, derived from the sum of all period targets (or by multiplying the default target value by the number of periods).
• Default Period Target: The default period target set when the project was created. Aligns with the horizontal blue line in Retainer Status chart. 
• Past Periods Average Billable Value of Service: The average billable value of service across all past periods on the project. 
• Past Periods Average Price: The average price across all past periods on the project. 
• Past Periods Average Cost: The average cost across all past periods on the project.
• Past Periods Average Profit: The average profit across all past periods on the project.

Retainer Type: Time & Materials 

• Retainer Type: The type of retainer, Fixed Hours, Fixed Price or Time & Materials.
• Periods: The number of periods within the project. 
• Period Dates: The start date of the first period and the end date of the last period.
• Total Target Hours: This is the total target on the project, derived from the sum of all period targets (or by multiplying the default target value by the number of periods).
• Default Period Target: The default period target set when the project was created. Aligns with the horizontal blue line in Retainer Status chart. 
• Past Periods Average Target Hours: The average target hours across all past periods on the project.
• Past Periods Average Actual Billable Hours: The average actual billable hours logged across all past periods on the project.

Reviewing Retainer Periods

Below the Retainer Status chart and Retainer Totals are the retainer's Periods. View subsets of your project's Periods by using the tabs at the tops of the period list, based on your periods' dates.

• All Periods: Displays all periods.
• Past Periods: Displays past periods.
• Current Periods: Displays current, or active periods.
• Future Periods: Displays future periods.

Period Navigation bar

Each period contains information specific to that period's data. Details vary by naming convention depending on the retainer type - Fixed Hours, Fixed Price, or Time & Materials.

Retainer Type: Fixed Hours 

• Period: The name of the period.
• Dates: The dates of the period.
• Period Target: This is the target hours for the period, without accounting for any rolled-over or subtracted hours.
• Actual Billable Hours: Billable hours registered in the period.
• Actual Budget Hours Remaining: How much is left from the period target after subtracting actual billable hours. A negative number indicates that the target has been exceeded.
• Actual % Target Used: The percentage of the period target used up by Actual Billable Hours. 
• Projected Total Hours: The projected billable time for the period once all work is finished.
• Projected Total Budget Remaining: How much is left from the period target after subtracting the projected billable time once all work is finished. A negative number indicates that the period is projected to exceed target.

Retainer Type: Fixed Price 

• Period: The name of the period.
• Dates: The dates of the period.
• Period Price: The price of the period, without accounting for any rolled over or subtracted value. 
• Actual Billable Value Of Service: The value of time registrations in the period. 
• Actual Budget Remaining: How much is left from the period price taking away the value of actual hours. A negative number indicates that the target has been exceeded. 
• Actual % Budget Used: The percentage of the period target used up by Actual Billable Hours. 
• Projected Total Billable Value of Service: The value of projected billable time in the period once all work is finished. This includes the price of associated future expenses.
• Projected Total Budget Remaining: How much is left from the period price after taking away the projected value of billable time once all work is finished. A negative number indicates that the period is projected to exceed target.

Retainer Type: Time & Materials

• Period: The name of the period.
• Dates: The dates of the period.
• Actual Billable Hours: Billable hours registered in the period.
• Projected Total Hours: The projected billable time for the period once all work is finished.
• Projected Total Budget Remaining: How much is left from the period target after subtracting the projected billable time once all work is finished. A negative number indicates that the period is projected to exceed target.

Note: In the application, tooltips display the exact calculations. Hover over a calculation and it will pop up, showing you exactly where the number is coming from.

Period Details

Expand a period for additional data specific to the period.  You will see a graph, gauge, breakdown of time registrations and other important detail about the period. 

Graph

The period graph shows the total price or total hours of time entries dated within the period. The horizontal blue line represents the period's target. 

Hover over the green shading to see the Actual Billable Value of Service (Retainer Type = Fixed Price) or Total Time Entries (Retainer Type = Fixed Hours OR Time & Materials) totals for a given date.

Retainer Type = Fixed Price 

Retainer Type = Fixed Hours OR Time & Materials 

Period Breakdown

On top of the graph, clicking into a period shows additional details, including:

• Actual % Target Used (Retainer Types: Fixed Hours and Time & Materials): The percentage of the period target used up by Actual Billable Hours. 
• Actual % Budget Used (Fixed Price): The percentage of the period target used up by Actual Billable Hours. 
• Period Target (Fixed Hours and Time & Materials): This is the target hours for the period, without accounting for any rolled-over or subtracted hours.
• Period Price (Fixed Price): The price of the period, without accounting for any rolled over or subtracted value.
• Actual Billable Hours (Fixed Hours and Time & Materials): Billable hours registered in the period.
• Actual Billable Value Of Service (Fixed Price & Time & Materials): This is calculated as your logged time multiplied by the applicable rate (plus the cost of any billable expenses tied to the fixed-price agreement for that period, if you’ve decided to include expenses as part of the fixed-price retainer).
  • To learn more about expenses on fixed-price retainers, review our release notes: Introducing Expenses on Fixed-Price Retainer Periods.
• Actual Budget Hours Remaining (Fixed Hours): How much is left from the period target after subtracting actual billable hours. A negative number indicates that the target has been exceeded.
• Actual Budget Remaining (Fixed Price): How much is left from the period price taking away the value of actual hours. A negative number indicates that the target has been exceeded. 

Retainer Type = Fixed Hours 

Retainer Type = Fixed Price 

Retainer Type = Time & Materials 

See Time Registrations

A list of all time registrations made against the period prior to it being locked.

Any time registrations made after the period was locked appear as Conflicts and are outlined in red in the list. Review conflicts using the FIX option, or by opening the warning displayed at the top of the page.

Learn how to handle conflicted time in Managing Retainer Periods.

Related Articles

• Overview of Retainer Budget Type
• Managing Retainer Periods
• Creating a Retainer Project