Use this approach if you need to set a custom monthly revenue for a fixed-price project to recognize revenue by milestones, or to customize revenue based on your organization's needs.
Set up Custom Monthly Revenue
1. Set the Project Budget
From the Project Planner, identify the project you would like to set up the budget
Click on the 3-dot icon next to the Project Name and select Edit Budget
Enter the Project Budget (The Expected Total Contract Value)
2. Set Project Rates to $0
Click the Project Rates tab
From the reference rate card column header, select Internal
Click the grey arrow to convert all project rates to $0
3. Add Monthly Revenue as Charges under Other Expenses
Click Other Expenses tab
Add an Other Expense item for each month e.g. "Jun 20XX", assign a date corresponding to the month and add the expected revenue of the month under Charge
Only the total of Other Expenses is available in Project Reports. The breakdown of each Other Expense item is not available in the report at the moment. If needed, you can export the Other Expense items using the Other Expenses CSV.
View monthly revenue and budget remaining in Reports
Go to Reports > Projects > Financial Forecasting (Preset Report)
Set the report time range to Period > Monthly and select a start and end date
Click Columns > Expand Financials > Budget > Tick Project Budget Remaining ($)
Click Group > Remove the Project Status grouping, and add Person as a Grouping
Add/ Remove any other groupings or columns as needed
View the monthly revenue as added under Other Expenses. The difference between the Project Budget and the overall Project Revenue is displayed in the Project Budget Remaining ($) column:
If the fixed-price project is set up this way, the Effective Hourly Rate will be $0.