Blog Series Part 1 – Building foundational knowledge
I started with RSM about 3 months ago and found that there was a need for a project instructor, which is a subject that I have worked on for a few years now. Despite my years of experience, I had no idea how many ways project contracts can be leveraged. In this blog, I will highlight a few of those benefits. There are many more that I will share in future blog posts.
Within contracts, you can setup:
- Billing rules – milestone billing rules allow invoicing when specified project dates or milestones are met.
- Progress billing rules – allow invoicing when specific progress is made on the project.
- Unit of measure billing rules – enable the user to prepare invoice proposals based on the unit of delivery of products. These updates can happen manually or systematically as transactions are processed.
Contracts can also use multiple funding sources
- Historically, you had one funding source (or customer) for a project; however, when using the contract option, multiple funding sources (customers) can be created.
- Each of these sources can be configured to be invoiced collectively.
- Within the funding rules you can break it down even further, specifying what each source is willing to fund.
- Funding rules and limits can also be configured for workers, items, categories and category groups, or all transaction types.
Using multiple funding sources is also a great way to manage grants that sometimes require multiple sources of funding.
This is a high-level look at some of the functionality that can be leveraged within Project Contracts. Stay tuned for more blog posts in which we will dig a little deeper into creating the project contracts. Also, check out our online training content at academy.rsmus.com.