Fixed Costs FAQ
Fixed costs by Hub Planner – FAQ for all you need to know about fixed costs and how best to use the extension in Hub Planner.
FAQ: Where do I see Fixed Costs once I install it?
- You can add the fixed cost categories via Settings. Settings -> Account Settings -> Fixed Costs
- You can add a fixed cost to a project via the fixed cost tab within the project modal. Edit project -> fixed costs.
Adding cost categories via Settings
Adding a new fixed cost within the project modal:
FAQ: What’s a cost category?
A costs category is a term to describe the name of a fixed cost. For example: travel, equipment, conference room etc. Add the categories to help group the fixed costs against projects.
FAQ: How to add a fixed cost category?
Within the ‘new category name’ field, simply enter the name of the new fixed cost you want to add.
FAQ: What are some examples of fixed costs in Hub Planner?
Examples of fixed costs you can apply to a project in Hub Planner may include:
- Office rent
- Materials and equipment
- Salaries (though you may use internal rates for this)
- Insurance premiums
- Software licenses
- Various other project expenses.
FAQ: Are some of those not deemed variable costs?
Yes. But you can still ensure they are deducted from the project meaning that you can deduct project expenses from your budget and spend.
FAQ: How many fixed cost categories can I have?
There is no limit per say.
FAQ: I didn’t add the fixed cost categories in settings?
These are suggestions for you to help guide you in adding your fixed costs. You can edit or remove these as you feel necessary.
FAQ: Can I edit a fixed costs created?
Yes. Click the pencil icon of the fixed cost. Now you can edit the name of the fixed cost category.
FAQ: Can I delete a fixed cost category?
Yes. Click the X icon to remove the fixed cost category.
FAQ: If I delete a fixed cost category, what happens to any costs applied under this now deleted category?
Great question. The fixed cost will remain as historical despite you deleting the category. However you will not be able to apply any new costs against the deleted fixed cost category.
FAQ: Are fixed cost categories always the same for every project?
No, fixed costs can vary depending on the nature and scale of the project. Different projects may have different fixed cost categories based on their requirements, such as location, resources, technology, or compliance. The selection of cost categories will be the same. You have the power to choose the relevant categories to the project.
FAQ: Do I need the Billing Rates to have Fixed Costs work?
No, but they do work really well together.
FAQ: Are category budgets and fixed costs the same?
No, fixed costs are separate altogether.
FAQ: Can a Project manger assign a fixed costs to a project?
Yes, but – they must have the role right selected and the permissions to do so. Navigate to setting -> roles and make sure that the below role right is selected.
PM / FC. Fixed Costs on Managed Projects
The logged in user, who is a Project Manager, will be able to add or remove fixed costs on Projects they are project manager of.
FAQ: Do fixed costs work with reports?
Yes, indeed they do. Fixed costs can be deducted from the budget you have set.
FAQ: Can I deduct fixed costs from the project budget?
Yes. Ensure to tick the checkbox to indicate you wish to deduct the fixed cost from the budget.
FAQ: What costs are deducted from the budget? Scheduled or reported?
Both. In reports you have the option to report by scheduled and reported. You have a report for each.
FAQ: What if I haven’t set a budget for the project?
Don’t worry. It will still calculate the fixed costs in both scheduled and reported reports.
