Project Budgeting

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by

Matthew Woods
in

Introduction

Now that you have created your first project in nTask. Let me help you set it up. nTask allows you to be able to choose amongst different billing methods.

Non-Billable Projects

Non-Billable projects are designed when billing is not intended for a project. They come in handy when internal work has to be tracked.

To set up a Non-billing project:

  • Go to the Project Settings by clicking on the Project name
  • Select ‘Non-Billable’ from the Billing Method options.

Billable Projects

Billable projects are useful when invoicing is based on how much time has been spent working on a specific project.

To set up a Billable project:

  • Go to the Project Settings by clicking on the project name.
  • Select ‘Billable’ from the Billing Method options.
  • Add Resources and Tasks associated with the project.

You can also set the currency of your choice from the drop-down menu.

Four Different Billing options are available when you make your Project Billable.

1. Fixed Fee

2. Fixed Fee Per Task

3. Hourly Rate by Task

4. Hourly Rate by Resource

  • Fixed Fee: Choose this option if you want to set the budget for the entire project. Doing so will lock the same rate for all the tasks and resources.
  • Fixed Fee Per Task: Opt for this option if you want to add the Same Fee for Every Task. 
  • You can also set a Different Fee per Task.
  • Hourly Rate by Task: Choose this option if you want to set the Same Hourly Rate for Every Task. 
  • Each Task can have a Different Hourly Rate

Hourly Rate by Resource: Choose this option if you want to set the Same Hourly Rate for Every Resource

You can also set a Different Hourly Rate for Every Resource

Financial Summary

Empower your decision-making with real-time project financial summary updates. Get the financial progress of your projects with the metric you set for your projects. Moreover, you can set reminders for yourself if you reach your threshold level for project cost. 

There you go!! Your project is ready for some action now. 

If there’s anything you feel needs a more extensive demonstration, you can write to us at support@ntaskmanager.com. We’d be happy to assist!