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Contracts

Contracts define the billing terms for work with a client. Each contract has a billing rate and currency, which are used when creating billing phases and generating invoices.

Creating a Contract

  1. Go to the client’s detail page
  2. Find the Contracts section
  3. Click “Add Contract”
  4. Fill in the contract details:
    • Name - A descriptive name (e.g., “2024 Retainer”, “Website Redesign”)
    • Reference Number - Optional external reference (e.g., PO number)
    • Billing Rate - Hourly rate for this contract
    • Currency - The currency for billing

Contract Fields

Name

Give each contract a clear, descriptive name that helps you identify it later. Common naming conventions:

  • By year: “2024 Consulting Agreement”
  • By project: “Mobile App Development”
  • By type: “Monthly Retainer”

Reference Number

An optional field for external reference numbers:

  • Purchase order numbers
  • Client contract IDs
  • Internal project codes

This appears on invoices for easy matching with client records.

Billing Rate

The hourly rate for work under this contract. This rate:

  • Is used as the default for phases linked to this contract
  • Can be overridden at the phase level
  • Determines the billable amount in reports

Currency

Select the currency for this contract. Supported currencies include:

  • USD (US Dollar)
  • EUR (Euro)
  • GBP (British Pound)
  • And many more

Each contract can have a different currency, useful for international clients.

Multi-Currency Support

Elastic Time supports billing different clients in different currencies:

  • Set the currency per contract
  • Invoices display amounts in the contract’s currency
  • Reports show billing calculations in the appropriate currency

Using Contracts

Contracts are primarily used through Phases:

  1. Create a contract with your billing terms
  2. Create phases linked to the contract for specific billing periods
  3. Track activities during those periods
  4. Generate invoices from the phases

Editing Contracts

To modify a contract:

  1. Go to the client’s detail page
  2. Find the contract in the list
  3. Click to edit
  4. Update the fields as needed
  5. Changes save automatically

Multiple Contracts

A client can have multiple contracts for different purposes:

  • Different projects - Separate contracts per major project
  • Different periods - Annual contracts renewed each year
  • Different currencies - If billing in multiple currencies