Hi Peggy, Congratulations on taking the Financials plunge. There are many useful articles in help.workfront.com worth reviewing, to which I'd highlight these two main concepts:
Since (As Designed) Workfront's rate-based financial calculations are not date effective (eg for cases where someone's hourly rate changes periodically as they gain experience), I recommend creating Billing Records periodically to "lock in" those historic cost, both protecting the data, and then freeing you up to adjust the rates on a go-forward basis. Billing Records are relatively easy to create; but if you have a lot of them (eg many projects with lots of tasks and many expenses), can be tedious and time consuming. So when you hit that stage, I invite you to consider our "http://store.atappstore.com/product/auto-bill/">Auto-Bill solution, which removes the drudgery and saves your time.
For maximum efficiency, aspire to have Workfront's financials drive the official related documentation (eg quotes, estimates, PO's, invoices, etc.). There are many ways to do so, such as: native Workfront reports; exporting to Excel and reformatting; or our "http://store.atappstore.com/product/estimate/">Estimates solution to generate branded, professional grade documents right out of Workfront.
Regards, Doug Doug Den Hoed - AtAppStore Got Skills? Lend a hand!
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