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If your organization bills your clients for ongoing fees, whether it be software, licensing, intellectual property, or support, then this article will help you understand how you can model this in Projector. We are making the assumption that you are billing things without a disbursed amount. This is often true for software or licensing agreements. With no quantifiable outlay of expenses the Soft Cost has a zero disbursed amount and a positive client amount. Or in other words, it is all revenue. The general steps look like:
We recommend that your cost contract terms be set to Time & Materials or Not to Exceed for these types of fees.
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Watch Recurring Revenue Management Webinar (go to 37:10) for a quick demonstration of entering and invoicing of soft costs. |
Soft costs are an expense type we often recommend in this use case. A soft cost typically encompasses an expense with no incurred amount like a software licensing fee. You will create an expense document that contains all the months of maintenance. You can then invoice monthly and collect your licensing fees. You may need to make changes in each of these areas of Projector.
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