For each Work Order in Liquid, a Total Estimated Fee is used to populate the cash forecast and provide improved expense visibility. The value should be the total of all payments you expect to make over the project’s life.
Work Order Total Estimated Fee: Automatically Calculated
When the Total Estimated Fee can be calculated automatically from the Work Order, it will be.
When the Work Order has a flat rate, the Total Estimated Fee is simply the flat rate.
If the Work Order has an hourly, daily, bi-monthly (twice a month), monthly, or quarterly rate type, the system uses the Work Order start date and the Work Order end date (or estimated end date) to calculate the number of billing cycles.
The rate combined with the number of billing cycles allows the system to automatically calculate the Total Estimated Fee.
In this example, the quarterly rate of $2,500 with an estimated completion date of approximately 16 months after the Work Order start date (5 quarters) has a Total Estimated Fee of $12,500.
When the rate type uses an "as follows" rate type or a custom unit type, the Total Estimated Fee cannot be calculated.
Editing the Work Order Total Estimated Fee
The total Work Order fee estimate is editable at any time, regardless of whether it was automatically calculated or not.
The Total Estimated Fee Progress Bar shows you when a Work Order has exceeded the Total Estimated Fee.