Update finances
This video provides a detailed guide on tracking time, expenses, and creating billing records for client projects. 鈥 Key points include:
Tracking Time and Expenses:
Track time spent working on a project and project expenses to bill clients. 鈥
Ensure users have cost and billing rates set in their profiles or job roles. 鈥
Task Setup:
Assign appropriate cost and revenue types to tasks. 鈥
Cost types include fixed hourly, user hourly (based on user profile), and role hourly (based on task owner鈥檚 job role).
Expense Management:
Create project-level expenses via the 鈥淓xpenses鈥 tab. 鈥
Assign expenses to the project or tasks, mark them as billable or reimbursable. 鈥
Billing Records:
Create billing records at the project level to track billable items (hours, expenses, revenues). 鈥
Add billable hours and expenses to the billing record.
Update the billing record status and billing date after invoicing clients. 鈥
Final Notes:
Workfront tracks billable items but does not handle actual billing; users must use their own billing systems. 鈥
This video emphasizes the importance of proper setup and tracking to streamline client billing processes. 鈥
Key takeaways
- Set Up Cost and Billing Rates: Ensure users or job roles have cost and billing rates defined in their profiles to accurately track project expenses. 鈥
- Assign Cost and Revenue Types to Tasks: Tasks should have appropriate cost and revenue types (e.g., fixed hourly, user hourly, role hourly) to calculate billable amounts correctly. 鈥
- Manage Project Expenses: Use the 鈥淓xpenses鈥 tab to create and categorize expenses as billable or reimbursable, ensuring accurate tracking. 鈥
- Create and Update Billing Records: Billing records help track billable hours, expenses, and revenues. 鈥 Add items to the record, update the status, and record billing dates after invoicing. 鈥
- Use External Billing Systems: Workfront tracks billable items but does not handle actual billing; users must rely on their own billing systems for invoicing clients. 鈥