Time and Material is one of the four available budget types in Forecast.
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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 on New Project from the projects page or click on +New from anywhere on the platform and click on Project.
- Click on More Settings.
- 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 the three dots next to the Nova Insights tab.
- Click on Settings.
- While on the Settings page click on the Financials tab.
- From the Financials tab click on the Change Budget Type button.
- Click on Time and Material.
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