When editing a project in the “Projects” section of the administration, it is possible to specify the budget for the project. By clicking on the “Add budget” button, a new budget form will open, where you need to specify the name, period, budget type and confirm the user’s password to make changes.
Budget type – Depending on the type of contract concluded, it is possible to categorize projects.
- Time & Material -Selected in cases where a fixed hourly rate contract is concluded. Specific development work is done that is afterwards billed based on how many hours per month are spent on that project. Choose this option if you know the amount of a specific hourly rate, but do not know the total amount of money that will be charged for completing project.
- Fixed fee – Selected in cases when the project has a fixed budget. Usually, contracts of this type are concluded with state institutions or companies, where before concluding the contract the parties agree on a specific amount that will be paid for the work done. Choose this option if you do not have a fixed hourly rate, but the total amount of money for the project is known.
- Non-Billable – Selected in cases where it is an investment or an internal administrative project of the company, which does not have an immediate profit, but there is a certain amount of money that employees can spend on this type of project. Choose this option if you are interested in the cost of the project, but there is no profit for the project.
