Compensation Tab of the Contract Management Form
For a regular or promotional project, use the fields and options on this tab to enter or review your expected compensation amounts for the project as a whole or for individual work breakdown structure (WBS) elements.
- If Synchronize Contract Values to Project Compensation is selected and any contract amounts have been entered, you must enter all amounts on the Contract tab. If you select Include in Fee for one or more contracts, this tab displays the contract amounts, but you cannot edit them here. If no contract amounts have been entered, you can enter compensation amounts on this tab. However, if you later enter amounts on the Contract tab and select Include in Fee, those contract amounts will replace the amounts entered earlier on this tab.
- If Synchronize Contract Values to Project Compensation is not selected, and Project Entering Method is At All Levels of the Work Breakdown Structure, you can enter amounts for the project as a whole and for any lower-level WBS elements. Depending on how you enter amounts at lower levels, those amounts may not be rolled up to higher levels. If Project Entering Method is At Lowest Level Only, you can only enter amounts for the lowest-level WBS elements. Vantagepoint then rolls those amounts up to higher-level WBS elements.
For additional information about the impact of settings on the entry of compensation amounts, see How Contract Management Settings Affect Contract and Compensation Entry.
Contents: Percent Complete
| Field | Description |
|---|---|
| Overall % Complete | Enter an overall percent complete for the entire project or for lower-level WBS elements.
You can also change the overall percent complete on the Budget form in the Project hub or on the Cost Summary dialog box or Billing Summary dialog box, which you can display from the Budget form, Revenue Generation form (), or Consultant Accruals form (). If you change the percent complete on this form or on another form or dialog box, it changes it in all locations. |
| Expense % Complete | Enter the percentage of the expenses (including consultant expense) completed to date for the entire project or for lower-level WBS elements.
You can also change the expense percent complete on the Budget form in the Project hub or on the Cost Summary dialog box or Billing Summary dialog box, which you can display from the Budget form, the Revenue Generation form (), or the Consultant Accruals form (). If you change the percent complete on this form or on another form or dialog box, it changes it in all locations. |
| Labor % Complete | Enter the percentage of the labor completed to date for the entire project or for lower-level WBS elements.
You can also change the labor percent complete on the Budget form in the Project hub or on the Cost Summary dialog box or Billing Summary dialog box, which you can display from the Budget form, the Revenue Generation form (), or the Consultant Accruals form (). If you change the percent complete on this form or on another form or dialog box, it changes it in all locations. |
Contents: Currencies
If Vantagepoint is set up to use multiple currencies, a project's project currency, billing currency, and functional currency can be different currencies. Depending on how Vantagepoint and the project is set up, you may be able to enter separate sets of amounts for each type of currency. You may also be able to enter exchange rates for calculating transaction amounts in the project currency and/or billing currency.
If Vantagepoint is not set up to use multiple currencies, you can only enter one set of compensation amounts, and exchange rates do not apply.
| Field | Description |
|---|---|
| Project Currency: Exchange Rate | If you track multiple currencies in
Vantagepoint, the
Exchange Rate field displays under
Project Currency. If the project currency for the WBS element is different than the functional currency, enter an exchange rate in this field if you always want
Vantagepoint to calculate project currency amounts from functional currency amounts for transactions using a standard exchange rate rather than a daily exchange rate.
When a transaction is posted, Vantagepoint checks to see if the various currency types are the same. If not, Vantagepoint uses either a daily exchange rate or a transaction override rate to calculate the amount of the transaction in the functional currency. If you do not specify an exchange rate in Exchange Rate under Project Currency, it then uses a daily exchange rate to calculate the transaction amount in the project currency from the functional currency amount. If you do specify an override exchange rate in this field, that rate is used in place of the daily exchange rate to calculate the transaction amount in the project currency. Example:
In the Transaction Center, you enter a voucher in GBP. Vantagepoint uses the daily exchange rate or the override rate for the transaction to convert this to the project's functional currency, which is CAD. Vantagepoint then uses either the daily exchange rate or the override rate specified in this field to convert the functional currency amount to the project currency, which is USD. |
| Billing Currency: Exchange Rate | If you track multiple currencies in
Vantagepoint, the
Exchange Rate field displays under
Billing Currency. If the billing currency for the WBS element is different than the functional currency and project currency, enter an exchange rate in this field if you always want
Vantagepoint to calculate billing currency amounts from functional currency amounts for transactions using a standard exchange rate rather than a daily exchange rate. (If the project currency and the billing currency are the same but different from the functional currency, you can enter a rate only for the project currency, and it is also assigned to the billing currency.)
When a transaction is posted, Vantagepoint checks to see if the various currency types are the same. If not, Vantagepoint uses either a daily exchange rate or a transaction override rate to calculate the amount of the transaction in the functional currency. If you do not specify an exchange rate in Exchange Rate under Billing Currency, it then uses a daily exchange rate to calculate the transaction amount in the billing currency from the functional currency amount. If you do specify an override exchange rate in this field, that rate is used in place of the daily exchange rate to calculate the transaction amount in the billing currency. Example:
In the Transaction Center, you enter a voucher in GBP. Vantagepoint uses the daily exchange rate or the override rate for the transaction to convert this to the project's functional currency, which is CAD. Vantagepoint then uses either the daily exchange rate or the override rate specified in this field to convert the functional currency amount to the billing currency, which is USD. |
Contents: Direct Compensation
Depending on how Vantagepoint and the project is set up, you may be able to enter separate sets of amounts in this section for project currency, billing currency, and functional currency.
| Field | Description |
|---|---|
| Direct Labor | Enter a monetary amount that represents the total direct labor that your company expects to receive for the entire project or for lower level WBS elements.
You cannot make an entry for the billing currency if it is the same as the project currency; the amount displayed is the same as the amount you enter for the project currency. You cannot make an entry for the functional currency if it is the same as the either the project currency or billing currency; the amount displayed is the same as the amount you enter for the matching currency. You can also change this amount on the Cost Summary dialog box or Billing Summary dialog box, which you can display from the Budget form, the Revenue Generation form (), or the Consultant Accruals form (). If you change the amount on this form or on another form or dialog box, it changes it in all locations. |
| Direct Expenses | Enter a monetary amount that represents the total direct expenses that your company expects to receive for the entire project or for lower level WBS elements.
You cannot make an entry for the billing currency if it is the same as the project currency; the amount displayed is the same as the amount you enter for the project currency. You cannot make an entry for the functional currency if it is the same as the either the project currency or billing currency; the amount displayed is the same as the amount you enter for the matching currency. You can also change this amount on the Cost Summary dialog box or Billing Summary dialog box, which you can display from the Budget form, the Revenue Generation form (), or the Consultant Accruals form (). If you change the amount on this form or on another form or dialog box, it changes it in all locations. |
| Compensation | This field displays the monetary amount that represents the compensation your company expects to receive for the project as a whole or for lower level WBS elements. The compensation for each currency type is automatically calculated based on the amounts entered for direct labor and expense for each currency type.
If you use Revenue Method P ((Pct Complete*Fee) + Job to Date Reimbursable Expense), this compensation amount is used as the fee amount in the calculation. If you use Revenue Method P, enter the compensation amount for direct labor plus the direct consultant fee in the Direct Labor field and leave the Direct Consultants field blank. |
| Direct Consultants | Enter the monetary amount that represents the direct consultant fees that your company expects to receive for the entire project or for lower level WBS elements. The direct consultant amount should include fees for consultant work that are not reimbursable.
If you are using Revenue Method P, leave this field blank and include the direct consultant fee in the amount you enter in the Direct Labor field. You cannot make an entry for the billing currency if it is the same as the project currency; the amount displayed is the same as the amount you enter for the project currency. You cannot make an entry for the functional currency if it is the same as either the project currency or billing currency; the amount displayed is the same as the amount you enter for the matching currency. You can also change this amount on the Cost Summary dialog box or Billing Summary dialog box, which you can display from the Budget form, the Revenue Generation form (), or the Consultant Accruals form (). If you change the amount on this form or on another form or dialog box, it changes it in all locations. |
| Total Direct Compensation | This field displays the monetary amount that represents your company's total direct compensation for the entire project or for lower level WBS elements. It is calculated as follows:
Compensation + Direct consultants |
Contents: Reimbursables
Depending on how Vantagepoint and the project is set up, you may be able to enter separate sets of amounts in this section for project currency, billing currency, and functional currency.
| Field | Description |
|---|---|
| Reimbursable Consultants | Enter a monetary amount that represents the consultant fees that will be reimbursed by the client for the entire project or for lower level WBS elements.
You cannot make an entry for the billing currency if it is the same as the project currency; the amount displayed is the same as the amount you enter for the project currency. You cannot make an entry for the functional currency if it is the same as either the project currency or billing currency; the amount displayed is the same as the amount you enter for the matching currency. You can also change this amount on the Cost Summary dialog box or Billing Summary dialog box, which you can display from the Budget form, the Revenue Generation form (), or the Consultant Accruals form (). If you change the amount on this form or on another form or dialog box, it changes it in all locations. |
| Reimbursable Expense | Enter a monetary amount that represents the expenses that will be reimbursed by the client for the entire project or for lower level WBS elements.
You cannot make an entry for the billing currency if it is the same as the project currency; the amount displayed is the same as the amount you enter for the project currency. You cannot make an entry for the functional currency if it is the same as the either the project currency or billing currency; the amount displayed is the same as the amount you enter for the matching currency. You can also change this amount on the Cost Summary dialog box or Billing Summary dialog box, which you can display from the Budget form, the Revenue Generation form (), or the Consultant Accruals form (). If you change the amount on this form or on another form or dialog box, it changes it in all locations. |
| Reimbursable Allowance | This field displays the monetary amount that represents your company's reimbursable allowance for the entire project or for lower level WBS elements. The reimbursable allowance amount should include all expenses that will be reimbursed to your company by the client, including reimbursable consultant fees. It is calculated as follows:
Reimbursable consultants + Reimbursable expense |
Contents: Totals
Depending on how Vantagepoint and the project is set up, this section may display amounts in project currency, billing currency, and functional currency.
| Field | Description |
|---|---|
| Total Compensation | This field displays the total of the amounts in the Total Direct Compensation and Reimbursable Allowance fields. |