With fixed price projects, there are certain milestones where certain amounts of fixed price is billed. Celoxis allows you to bill the time-entries and expenses spent on your tasks depending on its Billing Type.
On every task you can decide if your task follows a Fixed price or Time & Material based billing. To set this value,
- Edit your task and click on the Advanced tab and navigate to the Financials section.
- Here you will see the Billing Type drop-down with options: No Billing, Fixed Price, Time & Material. If you select Fixed Price, you will see a box to enter the amount.
Point to note:
- When you create a task, its Billing type is automatically set to the project's Billing Type.
- When a task's billing type is Time & Material, then the Billable option is always checked for time entries and expenses made against such task.
How Revenue is calculated
| Planned Labor Revenue | Planned Revenue | Actual Labor Revenue | Actual Revenue | ||
Task | Billing | It is 0 since this is a Fixed Price | It is 0 since this is a Fixed Price | Approved Time entries which are billable | Actual Labor Revenue + Task’s Fixed Price + Approved Expenses (billable) |
| Fixed Price | It is 0 since this is a Fixed Price | This is always equal to the Fixed Price amount of the task | Approved Time entries which are billable | Actual Labor Revenue + Task’s Fixed Price (after it is completed) + Approved Expenses (billable) | |
| Time & Material | Resources Planned Effort * Bill Rate | Resources Planned Effort * Bill Rate | Approved Time entries which are billable | Actual Labor Revenue + Approved Expenses (billable) | |
| Summary Task | With Any Billing type | Sum of all its child tasks | Sum of all its child tasks | Sum of all its child tasks | Sum of all its child tasks |
| Project | With Any Billing type | Sum of all its summary tasks | Sum of all its summary tasks | NA | Sum of all its summary tasks |