Setting up a project with a Cost+Fixed Fee structure (or C+FF) is very similar to a T&M or Lump Sum project. There is an additional step when initially setting one up, and some of the screens will show additional information for this type of project structure. This article will show you the process for setting up a Cost+Fixed Fee project. Check out the steps below!
Quick Summary of Step-by-Step Guide:
- Click on the 'Clients & Projects' tab→ ' Proposals & Projects' sub-tab
- Click the green 'New Project' button
- In the project details, scroll down to the 'Billing' section
- Check the box that says 'Apply Cost+Fee'
- If your Overhead Rate and Profit/Fee % information didn't auto-fill, enter in the information
- Click 'Save' or 'Add Budget' after you finish filling in remaining required fields
In-Depth Step-by-Step Guide:
- As we mentioned earlier in this article, setting up a project with a Cost+Fixed Fee structure is very similar to a T&M or Lump Sum project. Let's begin by setting up a new project. Scroll down to the 'Billing' section and check the 'Apply Cost + Fee' box. Click 'Save' or 'Add Budget' when you're finished filling in the remaining required fields for this project.
NOTE: If the 'Overhead Rate' and 'Profit/Fee %' fields were blank, you can go ahead and type in the rate and profit/fee information. If you would like your Overhead Rate and Profit/Fee information to auto-populate for future projects, check out our Help Article: Entering Company Information, and refer to steps 5-7.
- Step 1 is really the only thing that's different when setting up a Cost+Fixed Fee project. These next steps will show you how Cost+Fixed Fee projects will appear differently in SQUAVA on certain screens.
When you set up your staff and rate details, you will notice that there are some additional details that show the Overhead Rate, fee and new totals that are calculated from the employee's billing rate.
- When you fill in your project budget details, there will be a section where you can see the Overhead Rate and Fixed Fee information calculated based on the task totals.
- You will also be able to see a budget summary break down on the 'Budget Summary' page and the 'Project Management' page.
- When you are ready to finalize an invoice and are reviewing the draft invoice, there will also be a breakdown of the Overhead Rate and Fixed Fee totals in the 'Summary' section of your draft invoice which will also reflect on your finalized invoice.
- You have now learned about Cost+Fixed Fee Project structures!
- If you have other questions related to projects, check out the other articles in this section.
- Can't find what you're looking for? Give us a call, submit a request ticket, or send us a chat message.