To invoice and calculate the specific profitability of a project, you first need to assign a contact and relate the different purchase and sales documents. Once this is done, you will be able to create quotes or invoice your project.
☝🏼 Remember that you can set up rates, hourly costs, and general categories for all your projects. However, each project allows a specific configuration in invoicing, cost forecast and categories, which will have priority over the general configuration.
Assign contacts to your project
In case there is no contact assigned to the project, you will first need to assign it in order to access the rest of the options that will allow you to invoice your project in Holded.
To assign contacts for project billing, follow these steps:
Go to Projects.
Go to the corresponding project.
Click on the “Settings” button at the top right and select “General”.
In the “Assign project to a contact” dropdown, choose the contact you want to assign to the project.
Click “Save”.
Specific configuration of billing and costs for your project
In addition to the general settings, Holded allows you to customize specific billing and budget settings for each of your projects. The specific preferences will take precedence over the general settings.
To enable billing and budgeting preferences per project, follow these steps:
Go to Projects in the navigation bar and access a specific project by clicking on it.
Within the project, click on “Settings” at the top right and select the “Invoicing” option.
Activate the “Billing” option by clicking on the button.
Under “Hourly Rates”, use the drop-down menu to choose the hourly rate method used to calculate the billable amount for your project:
Flat rate: this will be a total rate and will not take into account the hourly log.
Project hourly rate: fixed hourly rate that automatically calculates the billing price when users log their work hours.
Hourly rate per member: when recording working hours, billing is automatically calculated according to the hourly rate assigned to each member.
Hourly rate per billing category: set a rate for each category so that the billing is calculated according to the hours registered per category.
Activate the “Cost forecast” option by clicking on the button.
Under “Budget”, choose the method for calculating costs from the drop-down menu:
Total cost per member: add a limit budget for each member that will be completed according to the hours registered.
Total cost per billing category: the total budget and cost/hour option will be activated in the Billing categories section according to each category.
Total project hours: establishes a maximum total amount of hours to be registered in the project.
Hours per billing category: the budget (hours) and cost/hour option will be activated in the Billing categories section. You will be able to modify this value to set a limit of billable hours per category.
Hours per member: the budget (hours) and cost per hour option will be activated in the Members configuration section. You will be able to modify this value to set a limit of billable hours per member.
Click “Save” so that they are not lost.
Relate sales or purchase documents to your project
If you have already created sales or purchase documents, you can assign or allocate them when managing the invoicing of a project, so that they are directly related to it. To do this, follow these steps:
Go to Projects.
Go to the corresponding project.
At the top, go to the “Invoicing” tab (visible once you have set up invoicing for your project).
Click on “Create” (you must first have assigned a contact to be able to add documents to the project).
From the drop-down menu, select the type of document you want to relate.
Invoice: it will compute as a revenue in the project total.
Purchase: it will count as an expense in the project total.
Sales order: it will not count as income in the project until it is invoiced.
Purchase order: will not count as an expense in the project until it is invoiced.
Budget: it is a document without validity, it will not be counted as income until it is invoiced.
Choose from the list, among the documents of this type already created.
Click on “Relate”.
Unassigning purchase or sales documents to your project
To unassign (stop linking) a document to a project, simply:
Go to Projects.
Go to the corresponding project.
At the top, go to the “Invoicing” tab (visible once you have set up invoicing for your project).
Locate the document in the corresponding section (in our case, “Sales”).
Click the three dots button on the right and click “Unassign”.
Confirm the action.
Create quotes in your projects
With this option you can generate a quotation directly from the project you are working on, so you only have to review it and save the document:
Go to Projects.
Access the corresponding project.
At the top, go to the “Invoicing” tab (visible once you have configured the invoicing of your project).
Click on the “Budget” button.
Under Amount, add the amount corresponding to the budget.
Click “Review” budget.
In the quote editor, check that the data is correct or make any necessary changes.
Click “Save”.
After following these steps, the budget will be directly associated with the project. You will be able to check this within the project itself or by accessing the budget itself, in the Categorization section.
Allocate project costs
Holded allows you to keep track of the costs related to the investment of time in each of the projects you are working on by means of time records:
Go to Projects.
Go to the corresponding project.
Go to the Board or Backlog tab.
Go to one of the tasks you are working on.
Click on the “+” symbol under Time Logs.
Add a description, if you wish, and point to the category to which the log belongs.
Enter the time spent using one of the following methods.
Manual:
Default time fractions: 0h 15m, 0h 30m, 1h 00m. If you click several times on one of these fractions, the time spent on the task will be added up (three clicks on the fraction 1h 00m will record 3 hours on the task).
FROM - TO options: indicate the time range and the corresponding day.
Using the stopwatch: when you click on the recording button, the time spent on the task will be recorded naturally until you decide to stop it by clicking on the same button again.
Click on “Save”.
In the next window, confirm the time recording by clicking “Submit”, or leave it for later by clicking “I'll do it later”.
Invoice the amount of a project
Holded offers you the possibility to generate invoices for the amount of the projects you have carried out:
Go to Projects.
Go to the corresponding project.
At the top, go to the “Invoicing” tab (visible once you have set up invoicing for your project).
Click on “Invoice” at the top right and choose “Project amount”.
Enter the corresponding amount and click “Review Invoice”.
Check or edit the data reflected on the invoice.
Click “Save”.
Check the profitability of your projects
To check the profitability of a project, follow these steps:
Go to Projects.
Go to the corresponding project.
At the top, go to the “Invoicing” tab (visible once you have configured the invoicing of your project).
Consult the data reflected at the top to check the profitability of your projects:
Profitability data
Sales: corresponds to the accumulated amount of sales invoices assigned to the project in question.
Expected sales: takes into account budgets and sales orders pending invoicing + expected and unrecorded hourly revenue.
Expenses: corresponds to the amount of purchase invoices assigned to the project.
Expected expenses: this is the amount of purchase orders to be invoiced.
Time costs: calculated by multiplying the approved recorded hours by the cost per hour assigned to the team member or category.
Expected time costs: these are the costs related to time records pending allocation.
Profit: is calculated as follows: Sales - Expenses - Time costs.
Expected profit: it is calculated as follows: Current profit + Expected sales - Expected costs - Expected registration costs.