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Enter Expected Compensation Amounts for a Project

When you set up a new project, you can use the Contract Management form in the Projects hub to enter expected compensation amounts for the project as a whole or for individual work breakdown structure (WBS) elements.

Video: See related video below

The Compensation tab is only available if the selected project is a regular or promotional project. You cannot enter compensation amounts for an overhead project.

Settings on the Contract Management settings form (Settings > Project > Contract Management) determine how you enter compensation amounts:
  • 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 of the Contract Management form in the Projects hub. If you choose to synchronize compensation amounts with contract amounts, the Compensation tab then displays the contract amounts, but you cannot edit them there. If no contract amounts have been entered, you can enter compensation amounts on the Compensation tab. However, if you later enter and synchronize amounts on the Contract tab, they will replace the amounts entered earlier on the Compensation tab.
  • If Synchronize Contract Values to Project Compensation is not selected, you can enter compensation amounts on the Compensation tab using the procedure below.

For additional information about the impact of settings on the entry of compensation amounts, see How Contract Management Settings Affect Contract and Compensation Entry.

To enter expected compensation amounts for a project:

  1. In the Navigation pane, select Hubs > Projects > Contract Management.
  2. At the top of the Cash Management form, enter either a complete or partial name or number in the Find project lookup field to find and select the project for which you want to enter compensation amounts.
  3. If you want to enter compensation amounts for a WBS element below the project level of the WBS, click and select that WBS element.
    • 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.
    • If Project Entering Method is set to 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 the level at which you begin entering amounts for a branch of the WBS, amounts entered at lower levels may or may not be automatically rolled up to higher levels.
  4. Click the Compensation tab.
  5. If the project is set up to use multiple currencies, and the project currency and/or billing currency is different than the functional currency, and you want to use a standard exchange rate rather than daily exchange rates to calculate transaction amounts into the project currency and/or billing currency, enter those exchange rates in the Exchange Rate field under Project Currency and/or under Billing Currency.
  6. Enter compensation amounts in any or all of the following:
    • Direct Labor
    • Direct Expenses
    • Direct Consultants
    • Reimbursable Expense
    • Reimbursable Consultants
    From your entries, Vantagepoint calculates and displays amounts in Compensation, Total Direct Compensation, Reimbursable Allowance, and Total Compensation.
  7. If the above fields are available for data entry for multiple currencies, repeat step 7 to enter compensation amounts in the other currencies.
  8. Repeat steps 3 - 7 for other WBS elements.
  9. When you have entered all amounts, click Save.

Video

Title Description

Contract Management

Learn about using Contract Management (in the Projects hub) to manage your firm's contracts and compensation, including estimated fees.

Explicit Save in Hubs

Learn how to use the Explicit Save feature in list view and detail view in hubs and understand what happens if you receive error messages when you save your changes.