Fixed-price projects

Forecast project

A project can be forecasted in two ways, these are either with or without a Work breakdown structure. The Work breakdown structure is used to estimate the costs, revenue and allocate resources to a project. If the no WBS is used, then the user must manually add the forecasted lines to a project. This flow describes both options.

Create Fixed price project

Reconcile project WIP

This flow explains how to control the periodic recognition of project revenue and costs.

Invoice Fixed price project

For fixed-price projects, you base invoices on billing schedules. Use billing schedules for on-account invoicing and work in either project-level or contract-level mode.

Use this method to manage WIP and estimate revenue and project completion. Treat pre-estimation invoiced amounts as 'unearned revenue'. The estimation determines earned revenue, which posts during the estimate, not during invoicing.

Create and maintain project

Fixed-price projects must be linked to a project contract. This contract defines the terms agreed upon with one or more funding sources. A funding source is usually one customer but can include several customers, grants, or self-funded departments.

Fixed-price project execution

This workflows describes how you can register and post project expenses to a project. The Project expense functionality can be used to register expenses made by workers while working a project.