Time and Material is one of the four available budget types in Forecast.
This article includes:
About Time and Material
A Time & Material project is an agreement where you bill by the hour at specific hourly rates. In other words, you invoice the work done which derives from the number of hours registered by team members.
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. Actual revenue derives from the calculation below:
Hours registered X hourly rate of the team members' role + expenses
Creating a Time and Material project
There are two ways with which you can make a project a Time and Material project. Those would be during project creation or later on through the financial project settings. For each of these follow the steps below:
To create a project that is Time and Material:
- Click Projects in the top bar.
- Select All Projects from the dropdown
- On the Projects page, click New Project, or click Create from anywhere in the platform and select Project.
- Fill in the name field and, optionally, the other fields.
- Click on the More settings dropdown button
- Under Budget Type select Time and Material.
- Once you have set every other setting click on Save and Continue.
To set a projects budget type to Time and Material after its creation:
- Click on Projects in the top bar,
- Select All Projects from the dropdown.
- Locate the project you wish to update to Retainer.
- In the left side panel, click Settings.
- Select Financials.
- From the Settings - Financials page, in the Project Budget Type section, click on Change Budget Type.
- Select Time and Materials and then click Change.