Overview of Budget Types

When creating and managing projects in Forecast, users can choose from four (4) distinct budget types, depending on the contract they have with their clients. Please note that your subscription plan may limit access to certain budget types.

This article covers:

• Time & Material
• Fixed Price
• Retainer
• Non-Billable

Time & Material

Projects with the Time & Material budget type allow users to bill clients based on specific hourly rates. The number of hours logged by each team member is what gets invoiced to the client. As the project progresses and team members track time on tasks or the project itself, the logged hours will be translated into actual revenue. For more information on the Time & Material budget type and how to use it in projects, please refer to the Overview of Time and Material Budget Type.

Fixed Price

Projects with the Fixed Price budget type have a defined scope, and the company bills a set price, regardless of the time it takes to complete. For more information on using Fixed Price as a budget type, please refer to Using Fixed Price as Budget Type.

Retainer

Retainers give users better control over the financials of projects based on long-term work-for-hire contracts with clients. With retainers, the client pays in advance for work that will be defined at a later date. For more information on retainer projects, please refer to the Overview of Retainer Budget Type.

Non-Billable

Non-billable projects, as the name suggests, cannot be billed to a client. This budget type is ideal for internal projects with deliverables that will not be invoiced to a client.