When creating and working with projects in Forecast, users have the possibility to choose between four (4) distinct budget types depending on the contract they have with their clients.
This article covers:
Time & Material
Projects that have Time & Material set as their budget type have the user bill by the hour at specific hourly rates so the number of hours registered by each individual team member is what's being invoiced to the client. While the project is progressing and team members are registering time on tasks or the projects themselves the number of hours registered will be translated to actual revenue. For more information regarding time & material and how to use it in projects, take a look at Overview of Time and Material budget type.
Projects using fixed price as their budget type differ from the rest in that they have a particular scope that the company bills at a fixed price, regardless of how long it actually took to complete. For more information regarding fixed price take a look at Using Fixed Price as budget type.
Retainers allow users to have better control of the financials of projects that are based on a long term work-for-hire contract between them and their client. With retainers, the client pays in advance for the work that is to be determined at a later. For more information regarding retainer projects take a look at Overview of Retainer Budget Type.
Non-billable projects, as it states in their name, are projects that cannot be billed to a client. This budget type is best used in internal projects, with deliverables that are not going to be billed to a client.