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What's the difference between a Project, ToDo or Timesheet?#13

ToDos are something you would set for yourself or another employee to complete, which doesn't directly have any progress affect on a project.

Projects/Project Tasks are a collection of phases/milestones. You can group other activities such as sub-projects, toDos, timesheets, and other items into these. You can bill your projects based on a fixed price, by timesheets, or by milestone. If you need to, you can set your billing model of a project to a fixed price so that timesheets which are logged against that project are simply kept for reporting purposes and the client just gets billed an agreed amount.

Timesheets should be recorded to keep track of actual work performed.