In this article, we will explain more about the different invoicing methods within TimeChimp.
Attention! In order to set the invoicing method for a project, you need to have the role of administrator or project manager of all projects.
When creating/editing a project, in the 'Invoicing' tab, you can choose from different methods to invoice your project.
Hourly Rate
Activity hourly rate Specify different hourly rates per activity (e.g. Marketing = €90, Analysis = €100, Development = €120). When you select this option, you will see an extra column when adding your activities, where you can fill in the rates. If a rate has already been added to the activity in the settings > Management, then this rate will be automatically filled in.
Employee hourly rate Specify different hourly rates per employee (e.g. Jan de Vries = €90, Pieter Smit = €110). When you select this option, you will see an extra column when adding your employees (team), where you can fill in the rates. If a contract has been added to the employee with an hourly rate, then this hourly rate will be automatically filled in.
Project hourly rate Specify a fixed hourly rate for each employee and activity. When you select this option, a new field will appear below where you can enter the project hourly rate.
Customer hourly rate Use the standard hourly rate for the customer (for each employee and activity). You can specify this when creating/editing the customer. Go to Management -> Customers for this. Go to 'Relations' > open the customer and edit or add the default customer hourly rate under the 'financial' section.
Fixed price
Project rate Use a fixed rate (regardless of how many hours) for the entire project (e.g. €15,000). When you select this option, a new field will appear below where you can enter the rate. You can also invoice this total amount in instalments; for this, you will see a separate option.
Activity rate Use a fixed rate (regardless of how many hours) per activity (e.g. Marketing = €5,000, Analysis = €10,000). When you select this option, you will see an extra column when adding your employees (team), where you can fill in the rates.
Recurring term amounts
Subscription Use a subscription when you want to invoice the customer a fixed amount every period (which can be weekly, monthly, quarterly or yearly). Also, view the status of your subscription precisely in your project dashboard (have you spent more/less than invoiced).