Recurring Billing for Fixed Fee Project
Here you will find out more information about using recurring billing for a fixed-fee project: when you may need it, how to set it and what benefits you get with this feature.
For instance, your company provides outstaffing services and you have a project where your client pays you a fixed fee every week. You want to reconcile TMetric reports with your bank account receipts to monitor your project income. TMetric provides the right solution for this task. Let's see how it works.
When you create a fixed fee project and set a fee for it, you can select its recurrence. Recurrence defines the frequency of recurring payments: One-Time, Daily, Weekly or Monthly.
With recurring billing for a fixed fee project, you get the possibility to monitor your income in reports. In addition, you can invoice your clients on a periodic basis.
In the Projects Summary report, Billable Amount will be displayed depending on the frequency you select in the Recurrence drop-down list. If you select:
- One-Time - Billable Amount displays the amount specified in the Amount field.
- Daily, Weekly, Monthly - Billable Amount displays the amount specified in the Amount field multiplied by the number of payment periods covered by the selected time range.
When recurring billing is used for fixed fee projects, there are some rules for creating reports that you should remember:
- Any payment period within the selected time range will be included in the report.
- If an initial date of the report goes beyond the date of a first time entry (in this case, some empty time periods appear), these time periods won't be included in the report.
- When you select All Time, the starting date of a report will match the date of a first time entry.