Billing Types
Billing Types are predefined project fields that determine how a project is billed. The feature introduces four distinct billing types:
1. Time and Materials
2. Fixed Fee
3. Retainer
4. Non-billable
Each type affects how billing totals, revenue, costs, and profitability are calculated and displayed in Bonsai.
Setting Up Billing Types
For New Projects
During project creation, locate the "Billing Type" option:
Next, select one of the four available types.
For Fixed Fee and Retainer, set the project fee.
Optionally, you can also set a separate project budget amount.
For Existing Projects
Navigate to the project's settings. To access your project settings, navigate to Project Management > Projects > select your Project.
Next, select the 3 dots (…) in the top righthand corner of that project > select ‘Settings’:
Select the "Billing" tab and update your preferred Billing Type:
Next, adjust the project fee (Fixed Fee, Retainer only) and billing cycle (Retainer only), if necessary.
Lastly, you can review and update the budget if needed (can be defined independently from the billing type).
Understanding Each Billing Type
Time and Materials
Ideal for projects with variable scope
Revenue based on actual time and resources used
Fixed Fee
Set a predetermined fee for the entire project
Useful for projects with well-defined scope
Retainer
Recurring fixed fee on a set cycle
Great for ongoing services or long-term projects
Non-Billable
Used for internal projects or non-revenue generating work
Focuses on cost tracking
Project Insights
Within your project, there will be a 'Project Insights' tab that displays your Project Finances:
In the "Project Finances" section you'll find:
A detailed view of billing status, cost breakdown, and profitability
For Retainer projects, the ability to browse through different billing periods
Project Profitability Report
This report is split by billing type:
Time and Materials
Data is shown for the observed period
Revenue = Billable time revenue from the time tracked during the observed period
Costs = Time Cost and Expenses during the observed period
Fixed Fee and Retainers
Data is shown as all time
Revenue = project fee (for retainers, multiplied by the number of cycles elapsed)
Costs = Time Cost and Expenses that fall within the project dates
Non-billable
Data is shown as all time
No revenue for this billing type
Costs = Time Cost and Expenses that fall within the project dates
Option to export reports to CSV for further analysis