What do Fixed Bid and Time & Materials mean?
Time & Materials and Fixed Bid are billing types associated with projects.
A Time & Materials project is billed based on the number of hours worked, at the hourly, daily, or monthly fixed billing rates assigned for that project.
A Fixed Bid project is billed using a flat amount, regardless of the number of hours worked. This flat amount can be applied to the project as a whole, or to each week or month of the project. Since Fixed Bid projects are duration-based, they require a start and end date.
Choosing a project’s billing type
You must choose the type of billing you want to use when you create a new project – you cannot change the billing type later. When you add a project, select the applicable Billing Type option from the Add New Project dialog.
How do we set up billing for Time & Materials and Fixed Bid projects?
Refer to Setting up your project for billing for information on that topic.
What does ‘Materials’ mean in Time & Materials?
‘Materials’ means you can bill the client for expenses incurred, if applicable.