Accessible from the Project Detail Page, Financial Settings is where you can dig deeper into and update the Financial Settings of your project. .
|What you will find in the Financial Settings||Here we'll go over what you'll actually see in Financial Settings and what everything does.|
|Check out here for a cheat-sheet on the different actions you'll be taking in Financial Settings.|
What you will find in the Financial Settings
Project Header - This is the same header you'll see for the Project on most pages. Check out our article on the Project Details Page for more info.
Target Budget - This is the intended budget as set for your project. It is initially set in your CRM and brought into Parallax with the Project, but can be edited here.
Target Margin - This is the intended Margin for the project as a whole. The Default is set in your Settings > Customization, but it can be edited here.
- Save - This is where you will Save the changes you make.
Offering Name(s), Offering Financial Model(s) and Rate Card(s) - Next to the Name of each Offering, you'll see the Financial Model(s) and Rate Card(s) that are being applied to each individual Offering. Both are set - and can be edited - on a per Offering basis.* For Retainer Offerings only, you'll also see a Period option - this is used to determine if Revenue entries on the Cost & Revenue page will be applied to the week or month.
Service Offering Breakdown(s) - This is where you'll find the breakdown of Roles, Planned Hours, Bill Rates and Planned Fees for each Offering.
- Tags - You can hover over each Role to see any Tags applied to the Role.
- Service Offering Total(s) - Each of these will show the Revenue Total for the corresponding Offering.
- Total Project Revenue - This is where you'll find the combined Totals for the Project as a whole, with line items for both Total Service Offerings and Other Project Revenue. The Project Total is is also displayed at the top of the page, across from Target Budget/Margin).
Update Sold Snapshot - This is where you'll update you're sold Snapshot to reflect the status of the Project as sold.
Download CSV - You can download a CSV Copy of your Sold Snapshot here for future comparison. See below for more info.
*Note:Additional Option for Fixed Models
As mentioned above, you'll see the Period option for Retainer Models, but for both Fixed Models (Fixed Bid and Retainer), you'll also have the opportunity to decide to Calculate using the Rate Card or not. We've got some great articles you can check out to learn more about Financial Models and check out Rate Cards. When selecting the "Calculate with Rate Card" box, the project total will be fixed based on the planned hours and the rates for those hours.
What you can do in Financial Settings
Adjust the Billing Model for each Offering
For a project that is in the sales pipeline, you can adjust the billing model associated with the project. Once a project becomes active, you can not adjust the billing model.
Adjust the Rate Card for Each Offering
Again, only when a project is in the sales pipeline, you can adjust the rate card associated with the project.
Adjust the project Target Budget
The target budget for a project is tied to the deal in your CRM during the sales phase. During this time, you will have to make adjustments to your target budget via your CRM. Once the project becomes active, you can adjust the project target budget from this financial settings page.
Adjust the project Target Margin
The target margin will default to the target margin set in your customization settings, but you can adjust this number for individual projects at any point from this page. Based on this calculation, Parallax will add a "target cost" on new projects which is displayed in the charts on the main project page.
Adjust the bill rates for T&M projects
When updating the bill rate for your project, you will notice that the project fee totals will update to match.
Add Fees for a Fixed Billing Model project
Once a project is active and in progress, you have the option to add fees to a project.
Update your Sold Snapshot
What is a sold snapshot? The sold snapshot captures the numbers from the original contract that were sold to the customer. These sold numbers show up in various places throughout Parallax so you can compare how you are currently tracking against your original sold numbers. If you need to update your sold snapshot, there is a button at the bottom of the Financial settings page to override the previous sold snapshot with the current capacity plan shown. Making this update can not be undone.