The Financial tab in your projects provides an overview of the revenue and costs of a project. You can also generate and send quotations, contracts and invoices in this tab. In this article, we provide more information and explain all components of the Financial tab.
In this article:
> General information
> Estimated costs
> Planned costs
> Actual costs
> Advanced options
> How do I generate quotations and contracts?
> How do I generate invoices?
The Financial tab of your projects provides an overview of all financial information of a project, and allows you to edit the details.
In this tab you can also:
- Calculate margins and profit.
- Create and send quotations, contracts and invoices (slips)
The Financial tab consists of the following components, which will be talked about separately in this article:
- Estimated costs
- Planned costs
- Actual costs
The estimated costs column shows the costs that you expect to make for your project, and are based on your planned crew- en transport functions and the purchase price of equipment that you're selling.
When making a quotation, you should keep an eye on the estimated costs to see how big your margin is and how much discount you can offer. You'll use this overview mainly for when your project stil carries the concept or option status.
The costs that you make for subhiring equipment can currently not be shown in the financial overview. This is because Rentman connects the individually planned items of a subhire request to the equipment in a project, instead of connecting the items to the subhire request itself.
In theory, it would be possible that parts of the equipment in a subhire request aren't connected to a specific project, but instead spread out over a number of different projects. It's not possible to calculate the price based on your costs for individual items on a project, since subhire requests carry a single total price. It's our goal to make this possible in the future.
When adding equipment for sale to your project, the purchasing costs of the equipment will be shown in both the estimated costs and planned costs columns.
In the Equipment tab of your project,you'll see the purchasing costs of sale equipment in the Unit price column (see image below). These costs will be totaled and shown as planned costs for sales equipment in the financial overview.
Tip: You can define the purchasing costs of equipment by going to the Equipment module, and then double-clicking on your item. Then, scroll down to the right input field in the 'Financial' section. For temporary equipment, you can define the purchasing price by opening a project and navigating to the Equipment tab -> Add -> Temporary.
The estimated costs for crew are based on the hiring costs that you've defined for your planned crew functions. You can define these costs per hour, or as a fixed amount.
In the Crew and transport tab of a project, you'll find the hiring costs of crew functions in the Total costs column (see image below). The costs of this entire column will be totaled, and shown as estimated costs for crew in the Financial tab.
For more information, please read our article about adding crew and transport functions.
The estimated costs for transport are based on the hiring costs that you've defined for transport functions. You can define these costs per kilometer, or as a fixed amount.
In the Crew and transport tab of a project, you'll find the hiring costs of transport functions in the Total costs column (see image below).
You'll find the total additional costs of a project in the estimated costs column.
For more information, please read our article about additional costs.
The planned costs column provides an overview of the costs of your project before it begins. As soon as your planning takes shape, you'll see more information about (for example) what crew member will execute his/her function, what equipment is needed, and what vehicles will be used. This information is used for calculating the planned costs.
At this time, the costs for hired equipment isn't shown in the financial overview. For an explanation, see the paragraph Hiring equipment in the Estimated costs section.
The purchasing costs of sale equipment are shown in both the estimated costs and planned costs columns. For more information, see the paragraph Sale equipment in the Estimated costs section.
When you plan crew on a project, you automatically generate information about the costs that you will have. In the Crew members module you can define multiple rates for each crew member, via the Rates tab. For each crew member, the standard rate will automatically be selected. You can manually change this when his or her rate deviates from the standard rate. The rates that you've selected, will be shown as costs in the planned costs column.
For more information, please read our article about adding and managing crew.
When you plan vehicles on a project, you automatically generate information about the costs that you will have. In the Vehicles module, you can define a fixed and variable rate for each vehicle. For each vehicle, the standard rate will be selected by default. The rates that you select, will be shown in the planned costs column.
It may happen that your crew puts in more hours than calculated beforehand. The actual costs column shows this.
The costs that you see in this column are based on the actual number of worked hours of your crew. You can register your crew's hours in the Time registration module. When doing so, it's important to connect the worked hours to a function. This way, Rentman can connect the function (and thus its costs) to the project.
The revenue column shows the revenue of your project per category. We calculate your revenue by adding the money you ask of your customer for planned equipment, crew, transport and additional costs.
The financial overview allows you to offer different discounts before generating a quotation or invoice. You can select a discount per category, or for the total price of the project.
Defining discounts per category is done in the discount column of that category. You define discounts as a percentage of the total price of that category.
Defining a discount for the entire project is done in the discount field in the financial overview of your project. You may choose between a percentage of the total price, or a fixed amount.
This shows the total costs of each column. You may still manually define or adjust the total discount and total project price.
Lock the price of your project
If you'd like to lock the price of your project after generating a quotation or invoice, you may do this in the financial overview. After locking, any changes to your planned equipment, crew and transport will not affect the prices in the financial overview.
1. Go to the Financial tab of your opened project.
2. Click on Lock price. Use the same button to unlock the prices again.
Customize the VAT code
The VAT code in the financial overview is automatically set to Default. This means that the default VAT code, as selected for each part of you project (each item, every function), will be applied.
In the same dropdown menu, you can select the VAT codes that you created yourself. When you select one of your codes, the default VAT codes will be overwritten for each part of the project.
Please read the paragraph VAT codes in our article about the Configuration module to see how you can create a VAT code.
If you ask an amount for insurance of your rented equipment, you can show this on the quotation and invoice. You can do this by defining a percentage in the input field next to Insurance. This is a percentage of the gross (excluding discounts) total price of the planned hiring equipment.
Asking for a deposit
If you want to ask for a deposit, specify the amount in the input field next to deposit. The deposit is a fixed amount. The amount will not be shown by default on your slips. You can choose to do this, and manually configure it by editing your document templates. When configured, the deposit amount will be shown separately on the slip, beneath the total amount.
For more information about changing the information in your document templates, please read our article about editing templates.
If you want to keep track of the status of the deposit, select the status from the dropdown menu next to Deposit. You can choose between "No deposit paid", "Deposit paid" and "Deposit returned".
Setting the invoice moment
You can choose various invoicing moments before you generate an invoice. Options are: "100% up front", "Cash on delivery", "Invoice afterwards" and "After agreement".
For more information about configuring invoice moments, read the section Invoice moments in our article about Configuring Rentman.
Terms and conditions
Terms and conditions are, by default, added to your slips if you've added these in the Configuration module. You can add your terms and conditions as a .PDF file in the configuration module, under "General".
Add additional conditions
In the free input field above the default terms and conditions, you may specify additional conditions. These will be shown in the additional conditions section on the slip. If you don't have this section on your slips yet, you can add it to your document templates.
For more information about editing information on your document templates please read our article about editing templates.
Do you use the same additional conditions often? Then it's quicker to add these to 'additional conditions' in the configuration module. You can select these custom conditions in the dropdown menu under the free input field.
In the Financial tab of each subproject you'll find a detailed overview of each subproject that you've added to your project. In the financial overview of your main project you'll see an overview of the total costs, total revenue and total discount of each subproject.
Exclude parts from being shown on the slips or in the overview (equipment, crew and transportfunctions and subprojects)
You may choose to hide certain parts on your slips or in the financial overview. It's even possible to hide entire subprojects in the overview. The costs and revenue that these generate will then not be added to the totals of the financial overview.
- Hide equipment
Hiding equipment in the overview is done per equipment group. All items in a group will be hidden on your slips. Costs that you have for subhiring equipment will also not show in the overview.
For instructions, read the section Excluding parts in the calculation in our article about planning equipment.
- Hide crew and transport
You can hide the costs and prices for a certain function on your slips.
- Hide subprojects
You can hide the costs and prices of an entire subproject on your slips.