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How do I set up custom monthly revenue in a Fixed Price Project? (Video)

  • From the Project Planner, locate the Project

  • Click the 3-dot icon next to the project name > Select Edit Budget

  • Enter the Project Budget (The Expected Total Contract Value)

  • Click the Project Rates tab

  • From the reference rate card column header, select Internal

  • Click the grey arrow to convert all project rates to $0

  • Click Other Expenses tab

  • Add an Other Expense item for each month e.g. "Jun 20XX", assign a date corresponding to the month and add the expected revenue of the month under Charges

  • Enter the sum of Other Expenses into the Expenses Budget manually

  • The sum of Other Expenses items MUST equal the Project Budget

Note:

If the fixed-price project is set up in such a way, the T&M Benchmark and the Effective Hourly Rate will not be applicable to the project.

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