The project or sub-project fee can be calculated by taking into consideration the planned resources and their budgeted hours and applying set of billing rates to them.
Let's take a look at how to go about this:
- Open the project and navigate to the Budget & Fee section.
- Now, click anywhere that has a pencil icon beneath the Fee column. This will either be the total fee value directly beneath the Fee column, or the fee value for a specific stage, depending on whether you want to calculate the fee at a project level or sub-project level.
- In the Fee Calculator pop-up window, set the Calculator to Billing Rates.
- Click Load Rates and select the relevant Billing Table from the drop-down list and click Load Plan.
- The relevant billing rates for the selected resources will be applied to reach the Fee Value.
- After the total has been calculated, click Done.
- Once back in the Budget & Fee section, you will be able to see the fee you just calculated.
- If you are calculating the fee on a sub-project level, you can go ahead and calculate the fee based on billing rates for any other stages of the project as needed.
- Save your changes before exiting.
We hope this article was helpful. If you have any questions, please do not hesitate to reach out to us. Our support team is always happy to help!