New types of project budgeting
They are finally here! We are pleased to announce the release of new budgeting types. We know that some of you have been waiting eagerly for them. We know that time is money so we won’t waste it.
There were no budgeting types before. You could only choose whether to track time and expenses for a project, and if those hours are billable. Fixed price, Time and expense, Non-billable.Fixed Price
This is a popular option, both budget-wise and financially. Many of our clients have a set budget and agree to it before they start a project. Deadlines are not the only thing that can limit your options. You can’t exceed your financial limit. The Fixed price budget type is a great option. When you start a project you can enter the budget. This amount will also be invoiced at the end. Many clients want to see the progress of a project. You might also need to know how much time, hours, and days were spent on various tasks. You can still do this! It is possible to track time and expenses, but it will not affect the budget. The budget’s costs and the amount spent will be affected. Time and expenses
ActiveCollab will use the budget type you are familiar with. You can mark the tracked time as billable and enter your expenses. Then, you can transform it into the amount to invoice. This means that there is no budget to display in the Project Info or invoiced. Track the time spent on tasks, and then invoice your clients.
No billable hours, no budget. This type of budgeting is recommended for internal projects. Your team and you can still track time but you cannot mark it as billable or charge it. They are more useful for internal projects or processes that don’t require time but are not chargeable. What happens to my projects after I leave?
Here’s a quick overview: All projects that have been completed or are active since January 1, 2020 will now be Fixed price projects
All projects that have the time tracking option turned off can be transformed into non-billable ones
All other projects (time tracking enabled and budget not set) will be converted to Time and expense projects
Don’t panic if this solution doesn’t work for you. You can modify the budgeting type for each project you are working on individually or in bulk. You will find a special menu in the question mark icon next to your avatar. It’s called Project budgeting set. You’ll find a list of all your projects and the option to choose the appropriate budgeting type. You’ll have the same options when creating a new project. We are eager to hear from you, as always! Project Management Frameworks and Methodologies
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