You can track your Project Fees in MyCorbu. You do this by entering the Fee related to each Phase of your Project. Your Time Entries are connected to your Fees so that you can see your status on each Project-Phase.
The following screenshots show the procedure for adding Fees and for getting feedback on your Project status.
On the Bookkeeping page click the "$FEES" button. The page below will appear showing all your Fees for ACTIVE Project-Phases.
You can manage which Fees are displayed by editing the status of the Project-Phase from Active=Yes to Active=No in the table on the Projects page. All Project-Phases of a Project can be changed at once by going to the Project page, clicking the "Projects Table" button and editing the status of the Project to Active=No.
Above is the Fees page. The buttons give you access to frequently used fees-related functions.
Item 4 is the table of all Fees that you have entered and that are still active.
Above is the Add Fee form that button 1 opens.
Project-Phase: Fees are entered by Project-Phase because that is how time is entered and how invoices report what has been earned.
Fee Type: Fees are either Lump Sum or Hourly Rates. See below for why this is important.
Fee Amount: Even when the Fee is Hourly Rates, it is helpful to estimate an amount. This is easily updatable.
EST-MAX: This is a way to remind yourself that an Hourly Rate Fee has a 'not to exceed' promise connected to it.
Description: Any notes that you might want to reference later go here.
The table of your Fees contains more information than you enter when adding a Fee. Column by column...
A - Project-Phase
The Project-Phase column is grouped by Project and the Project-Phases are listed by 'Sort-By' number.
B - Fee Amount
The Fee Amount is editable by clicking the cell and completing the pop-up. The Fee Amount should represent what you will show on your invoice. It will include a share of any consultant fees if that applies.
C - EST-MAX
The EST-MAX tag is editable by clicking the cell and completing the pop-up.
D - Fee Type
The Fee Type tells MyCorbu how to report your dollar amount completion ($ Complete). For Hourly Rates the total of Hours times Billing Rates is used. For Lump Sums the 'Reported %' times the Fee Amount is used. The Fee Type is editable by clicking the cell and completing the pop-up.
E - Calculated %
The Calculated % is taken from the Project-Phase table on the Projects page. This is the same percentage as reported in the 'Complete' column of that table. The percentage is determined by the 'Project-Phase Dollar Budget' divided by the 'total amount charged to the Project-Phase'. The Calculated % is not editable.
F - Reported %
The Reported % is a judgement call by you as to how complete this Phase of the Project is. The Reported % is editable by clicking the cell and completing the pop-up. Often you may encounter situations where the Reported % and the Calculated % are different.
G - $ Complete
The $ Complete is not editable, but it is a simple calculation: the 'Reported %' times 'the Fee Amount'.
H - Fee Remaining
The Fee Remaining is a calculation that is not editable: the 'Fee Amount' minus the '$ Complete'.
I - more
The 'more' link opens up a page showing all the details of the Fee and a link to edit the information that you have entered. If the 'Description' field for the Fee contains any information, the background of the 'more' link is highlighted.
The table shows subtotals for 'Fee Amount', '$ Complete', and 'Fee Remaining' for each Project. At the bottom of the table are grand totals. The grand total of Fee Remaining is useful for determining the size of your backlog of work.
Tracking your Fees leads inevitably to creating invoices for those Fees.
See a description of the Invoicing Process.
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