Project budgets let you set a budget type and monitor the burndown based on scheduled (and/or logged—if you use time tracking features) hours and hourly rates.
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When the project budget is set, the remaining budget is displayed on the Projects and Project plan pages and in the Projects view on the Report page.
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​📝Note: The remaining budget on the Projects and Project plan pages is based on scheduled hours only. It does not consider logged time, which can be reviewed on the Reports.

3) Time & materials 
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You can set them up in the Budget tab of each project.

Set the overall time to be spent on a project (e.g., 200 hours). When new allocations are scheduled, the number of hours remaining in the project budget is utilized accordingly.
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📝 Note: Non-billable allocations on billable projects do not utilize the project budget.
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If your project has phases, you can set the fixed hours budget for each phase. When selecting this option, the Total Hours field will be read-only, and it will be adjusted based on the hours set under each phase.

📝Note: When the project budget is set to Fixed hours by Phase, any allocation scheduled or logged at the project level (that is, any that does not belong to a specific phase) is considered non-billable.

You can set the fixed hours budget for individual project tasks. Similarly, when selecting this option, the Total Hours field will be read-only, and it will be adjusted based on the hours set under the tasks section for each billable task, including phase tasks.
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📝 Note: Non-billable tasks are not included in the total budget. Allocations on non-billable tasks for billable projects can be tracked in Reports.
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In the Budget section, set the total project fee (e.g., $50,000). In the Team section, you can configure the hourly bill rate for each team member. The hourly rate can be different for each person or the same for everyone on the project team. You can use their default hourly rates or set up new project rates.
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If your project has phases, you can also set a total fee for each phase. When selecting this option, the Total Fee field will be read-only, and it will be adjusted based on the budget set under each phase.

​📝Note: When the project budget is set to Fixed fee by Phase, any allocation that is scheduled or logged at the project level (that is, any that does not belong to a specific phase) is considered non-billable.

In the Team tab of each project phase, you can set up phase hourly rates that apply to that phase only.

You can set the total fee budget for each task at the project level and under each phase. The Total Fee field will be read-only, and it will show the sum of all task budgets on all phases plus any task budgets that were added directly to the project.
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📝 Note: Non-billable tasks are not included in the total budget, and allocations against them do not utilize the project budget. Allocations on non-billable tasks can be tracked in Reports.​

Set hourly rates for your team, add markup to expenses, and track both the costs and fees for each allocation.

As with the fixed fee budget, bill rates can be customized for each person or set across the board. Project and phase-specific hourly rates can be set in the Team section of each project and phase.

​💡 Here's a tip: Your team members' default hourly rates are set in the Info tab of their profiles. Updating a person's default rate will not change their rate for existing projects.