In Unanet, the Project Accounting tab contains many settings related to billing, cost, caps, and more. The Billing Type determines how we bill and recognize revenue for a project. Examples include time and material (TM), firm fixed price (FFP) and cost plus (CP).
The Billing Type value drives billing and revenue for the project. Note that Billing Type is different from Project Type in that Project Type determines whether or not something is billable. Project Type generally only pertains to CP and TM Billing Type projects. You can have, for example, nonbillable costs on a CP contract if the Billing Type is CP but the Project Type is NONBILLABLE.
- CP will base billing and revenue upon direct billable labor and expenses, indirects, and fee.
- TM will base billing and revenue on bill rates and billable hours as well as billable expenses (which may or may not include markup).
- FP will base billing upon fixed billing items and revenue either on the billing of those items, or a custom schedule, or % complete.
Note that you can have a hybrid TM-FP project by setting this value at the task level. You cannot combine task level CP with task level FP or TM, but you can combine a CP project with a TM or FP project on the same invoice.
Navigate to Project > List > +Project > Accounting > Billing Type.