If a project doesn't have a budget nor income, simply pick the Non-billable project budgeting type. An ideal example would be an internal project.
The Profitability info, which can be found within the Project info, lets you keep track of your Costs.
- First of all, set the internal hourly rate (more on this topic) by going over to the People section, where you can see everyone's hourly rates,
- Clicking ''Not set'' pops up the Change Rates and Capacity Dialog. In this case, Mike Johnson's internal rate is set to 10 USD/h,
- Let's create a Project with the following elements:
- Once you choose this budgeting type, the option to change the status of records to billable is not available (for more details on this topic)
- Now we can move on to tracking time records, and in our case, 1 hour of "Design" has been added,
- We have also added a fixed Expense amount of $100.
Finally, let's focus on the Project info to check the current status. This is where the following will be displayed:
Cost: 110 USD (1h x 10 USD/h + 100 USD non-billable expense)
NOTE: This data can be seen by Owner and Member+ (with the option to work with invoices and estimates) users only.
The Profitability info consists of the following elements (in detail):
Cost: Your project's internal costs. (For example, your employee's wage)
Cost = [(All Tracked Hours (both billable and non-billable) * Employee's Internal Hourly Rate) + Non-Billable Expenses]
*All tracked time and expenses are non-billable when you choose this budgeting type.
NOTE: If the internal hourly rate is not set for one of the users and a time record has been submitted, the system will alert you in the Project info > Profitability info.
Note: Profitability info and internal hourly rates are part of the Get Paid Bundle.