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How to automatically get a project Actual Revenue

I've got several payment milestones inside a project which are known at the beginning of the project, no matter how many hours do I invest on it. When I reach a point, I submit a fixed price invoice for this point to my customer.

I've tried several approaches in Clarizen for doing this, but I cannot find one which could be 100% satisfactory.

1st) I define several milestones with a "Fixed Price" value, then the expected revenue is automatically updated, and when the milestone is at 100% the "Actual Revenue" is the fixed price. This is perfect, but, the problem is that the overall project "Actual Revenue" is not the summatory of the Milestones/tasks/sub-projects revenues so I don't have the information of the Total Project Actual Revenue unless I add it manually.

2nd) I Directly update manually the project "Actual Revenue" when I submit an invoice to my customer, but I think there might be a better way to do this.

Could you please help me?

Thanks in advance.

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David,
I am not sure what the problem is and what you are trying to achieve.

Let me try and clarify:
In Clarizen, you can have fixed price\ fixed cost items as well as variable, based on resource rates.

Both are summed up to the relevant fields (expected cost\actual cost, expected revenue\actual revenue) from any level to the top most level.
Fixed price\Fixed cost items are automatically summed up to the actual revenue\actual cost only upon completion, while the items that are rate based are summed up as soon as the actual revenue\actual cost is updated at the level of any work item.

Are you looking to sum up only fixed price items? Are you looking to aggregate to upper levels invoiced amount?

There are plenty of ways to handle any of these scenarios. Some of it are supplied out of the box. Some can be done through fairly easy customization.

(Sorry for the long reply)
Regards
Rachel

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Rachel,
First of all, thanks for your fast reply.

Let me first extend my explanation and give you a better overview of what I'm trying to do.

The actual effort (cost) of each project is reported directly from the Timesheets at project level, and in order to do this, I have to activate the "Reportable" option in the Project's configuration tab. Doing this, the "Allow Reporting On Sub Items" option is disabled.

With this setup, I have the effort updated from the timesheets so the Actual Cost are also updated. This is perfect. However the projects are not "Facturable" acording to the amount of time dedicated to them, so I have this option disabled.

The real scenario in the company is that we've got several project milestones, and, when they're completed, we get paid a fixed price negotiated with the customer at the begining of the project.

So, I've tried to define milestones inside the project with a fixed price, but, this fixed price and the actual revenue are only updated at milestone level, and not at project level, so, I do not have the information at the first level.

I've got the feeling that I'm trying to mix two different level of reporting. I'm tracking the effort and costs at project level, but, I'd like to configure the incomes at milestone level, and then, get everything sumarized at project level. I'don't know if this is possible with Clarizen in an easy way.

Could you please help me with this? Thanks in advance

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David,
Thanks for your comprehensive reply. That explains that.

What you are trying to achieve can be easily done through customization.

a couple of ideas:
1. create a relation summary field at the work item level that sums up fixed price items
2. Create a Workflow rule that updates the existing project's actual revenue field based on the fixed cost items
and more.

I suggest you hop to an advanced webinar or contact your relevant customer success manager to get more details about either of these approaches.

Regards
Rachel

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Hi,
perhaps the following application will help: https://app.clarizen.com/clarizen/View/Default.aspx?id=f61ecebc-09bc-48e1-bc50-cd7e04221c14&type=Published+Application
It contains one workflow rule that updates the Actual Revenue field for 'Fixed Price' work items with the relative amount.
Example: I have a task which is a fixed price task for 1000 USD and it is now 50% done, the Actual revenue will contain 1000*50% = 500 USD.
Since the actual revenue is a field that gets aggregated, i can get a clear view at the project level for the "Recognizable" revenue.

Cheers

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Thanks a lot for your responses. I'm doing the tutorials
Regards

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