Price&Cost support estimation and tracking of the following project billing types:Time&MaterialsCapped Time&MaterialsFixed PriceFixed Monthly RetainersNon-billable projectsTime&MaterialsThis is the most common type of Project. The client is billed by the hour, using resource bill rates defined.The Budget for Time&Materials projects = effort per resource X their bill rate.The Profit is then the difference between the Bill Rate and Cost Rate of every resource.Capped Time&MaterialsCapped Time&Materials project allows you to set a maximum allowed budget (the Cap) in Project settings. The client is billed by the hour, using resource bill rates defined. Once the total budget exceeds the Cap it stays fixed. And that's the maximum price the client will be billed.Basically, the project acts as a Time&Materials project as long as the budget is below the Cap. Once it reaches the Cap, the project ultimately becomes a Fixed Price Project (see below).Fixed PriceAlso knows as Fixed Fee. The client is billed a set price (fee), regardless of time planned/tracked.You will be able to set the Fixed Price/Fee value for the project in the Project Settings.Resource Bill Rates are not used in the case of a Fixed Price project. Only Cost Rates are taken into account.The Profit, in this case, is not tied to the Resources' bill Rates and is the difference between the Fixed Price and the Internal CostsFixed Monthly RetainersThe client is billed a set price every month, regardless of time planned/tracked. Think of it as a collection of Fixed Price Projects that reset every month. You can set the monthly Fixed Price for these projects in the Project Settings.Non-billable projectsAs the name suggests, these projects are not billed to the client at all. They have no Budget and therefore no Profit.