How To Set Up Billable Project
Here you will find a step-by-step guide on how to set up a billable project.
Though not all projects may be billable. For example, your company's internal projects, for which you don't invoice your clients. In TMetric, you can easily separate your billable time from non-billable or assign custom hourly rates for different projects that will override the default billable rate set in your workspace.
This feature is available only in Business and Professional plans and can be set up by the workspace owner and assigned admin. The assigned project managers can only see the billing type of the projects they manage.
Setting Up Billable Project
When you create or edit a project, in the Billing section, you may select a billing type for a project, project currency, hourly rates, and project rate (if applicable).
There are three billing types used for a project:
- Non-billable - for your company's internal projects, which don't need to be paid for.
- Time & Materials - when you plan to bill your client at specific hourly rates described below.
- Fixed Fee - if you want to get paid for the entire project without considering the time spent on its implementation or people who worked on it.
Hourly rates set for the Time & Materials billing type include:
Project rate - the time is billed on an hourly basis according to the specified project rate. The project rate is automatically taken from the default billable rate (if preset). You can override it in the Project rate field for a specific project.
Person rate - the time is billed based on the rates defined for members of a project in the Team section. By default, they are pulled from the member billable rates. However, you can override them within a specific project in the Team section by specifying a rate value for each member.
Work type rate - the time is billed based on the rates of the work types defined in the Work Types section of a project. Work types provide more flexible capabilities in terms of billing a client. Members can log their time under various work types, which are rated differently for a client.