Update finances for client projects

In this step, you will learn how to effectively track time, manage expenses, and create billing records for client projects. You will explore how to set up cost and billing rates, assign cost and revenue types to tasks, and manage project-level expenses. Additionally, you will understand how to create and update billing records to ensure accurate tracking of billable items. This step emphasizes the importance of proper setup and tracking to streamline client billing processes.

Tracking Time and Expenses:
Track time spent working on a project and project expenses to bill clients. ​
Ensure users have cost and billing rates set in their profiles or job roles. ​

Task Setup:
Assign appropriate cost and revenue types to tasks. ​
Cost types include fixed hourly, user hourly (based on user profile), and role hourly (based on task owner’s job role).

Expense Management:
Create project-level expenses via the “Expenses” tab. ​
Assign expenses to the project or tasks, mark them as billable or reimbursable. ​

Billing Records:
Create billing records at the project level to track billable items (hours, expenses, revenues). ​
Add billable hours and expenses to the billing record.
Update the billing record status and billing date after invoicing clients. ​

Final Notes:
Workfront tracks billable items but does not handle actual billing; users must use their own billing systems. ​

This video emphasizes the importance of proper setup and tracking to streamline client billing processes. ​

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. ​
• 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. ​
• Manage Project Expenses: Use the “Expenses” tab to create and categorize expenses as billable or reimbursable, ensuring accurate tracking. ​
• Create and Update Billing Records: Billing records help track billable hours, expenses, and revenues. ​ Add items to the record, update the status, and record billing dates after invoicing. ​
• 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. ​

Next, you will delve into understanding multiple billing rates and how to customize them for job roles within a project.