Financial configuration
This part of the guides is for administrators. It covers the financial setup your projects rely on: the rates your firm charges, the categories its work and costs fall into, the taxes it applies, and the way its invoices look.
What you will find here
- Rate schedules: the price lists your firm bills from, such as standard rates or a client's agreed rates.
- Labor categories: the kinds of work your people do, which set their rates.
- Expense categories: the kinds of costs your team records, such as mileage or laboratory fees.
- Billing categories: how billed work is grouped.
- Product types: products and services other than labor that you bill or record as costs.
- Taxes: the taxes applied on your invoices.
- Invoicing templates: the layout and details of the invoices your clients receive.
How it fits together
A project uses a rate schedule, and its rates are set by labor category. When your team records time and expenses, these settings value them for the project budget and its invoices. Rate schedules, labor categories, and expense categories are also dimensions, so they appear in the left panel and can filter your work. Daily use of these settings, such as choosing a labor category on a time entry, is covered in Financial management and the other User Guides.
Example: a public agency contract
A firm wins a multi-year contract with a state agency at negotiated rates. The administrator creates a rate schedule for the agency with its rates for each labor category, adds a product type for drilling services at the agreed unit price, and sets up an invoice template that shows the agency's purchase order number. Every project under the contract uses the new rate schedule, so its time and expenses are billed at the agreed rates.
What you can do next
- Rate schedules to set up the rates your firm bills from.
- Expense categories to classify the costs your team records.
- Invoicing templates to prepare the invoices your clients receive.