MyITSpend Basics
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      MyITSpend FAQs

      Who has access to my data?

      At Channel Program, safeguarding your data's security and privacy is paramount. Our terms and conditions meticulously outline our handling and utilization of the information you entrust to us.

      • We do not disclose your details to third parties, vendor partners, or other service providers.
      • Your contracts and associated documentation are exclusively accessible to you and your team.
      • We implement stringent measures to securely store our data, with restricted internal access.
      • Our dedication is to ensure that MSPs can utilize this tool in the most secure and valuable manner possible.

      Should you have any further inquiries regarding your data, feel free to reach out to us. We are more than willing to address any questions you may have.

      What detail do I need to add a contract?

      When adding your contract, it is highly advisable to input as much information as possible. This ensures a comprehensive overview of your contract costs, upcoming payments, notices, or expirations.

      We provide the following fields for you to input your contract details:

      • Currency – The currency in which your contract is paid. Currently only USD is available, with additional currency options coming soon!
      • Billing Type – The classification of charges associated with the contract. For Per or Usage Based, select the associated Per type.
      • Amount Purchased – If Per is selected. Number of units purchased
      • Unit Cost – If Per is selected. The agreed-upon cost per unit.
      • Total Contract Cost – The total agreed-upon cost for the contract, excluding payment costs.
      • Billing Every – The frequency at which you make payments.
      • Contract Term – The term associated with your contract.
      • Start Date – The official start date of the contract.
      • Expiration Date – The date the contract ends or is up for renewal.
      • Initial Payment Date – The date the first payment was made.
      • Notice Period – The number of days before the expiration date that you need to inform your vendor about changes to your contract.

      How are the details calculated?

      We use the data you provide to establish default settings and perform cost calculations. Below are examples illustrating how specific calculations are made:

      • Calculating a Billing Type of "Per" -> Billing Frequency (Monthly = 12) × Amount Purchased (500) × Per Unit Cost ($7.50) × Term Frequency (1 year) = Contract Value ($45,000) ÷ Billing Frequency (Monthly=12) = Monthly Payment ($3,700)

        Example: 12 × 500 × 50 × 1 = $45,000 ÷ 12 = $3,750 per month
      • Calculating a Billing Type of “Flat Rate” -> Term Frequency (1 year) × Rate ($600) = Per Payment ($600) x Term Frequency (1 year) x Billing Frequency (Monthly = 12) = Contract Value ($7,200)

        Example: 1 × 12 × 600 = $7,200
      • Calculating the Initial Payment Date -> Initial Payment Date = Start Date (e.g., January 15, 2024) + Billing Frequency (Monthly)

        Example: January 15, 2024+1 month=February 15, 2024
      • Calculating the Expiration Date -> Expiration Date = Start Date (e.g., January 1, 2024) + Contract Term (e.g., 3 years)

        Example: January 1, 2024 + 3 years = January 1, 2027
      • Calculating the Notice Period Date -> Notice Period Date = Expiration Date (e.g., December 31, 2024) − Notice Period (e.g., 30 days)

        Example: December 31, 2024−30 days=December 1, 2024
      • Calculating the Renewal Reminder Date -> Renewal Reminder Date = Notice Period Date (e.g., December 1, 2024) − Renewal Reminder Period (e.g., 15 days)

        Example: December 1, 2024 − 15 days = November 17, 2024
      • Calculating the Notice Reminder Date -> Notice Reminder Date = Notice Period Date (e.g., December 1, 2024) − Notice Reminder Period (e.g., 15 days)

        Example: December 1, 2024 − 15 days = November 17, 2024 

      What are the available billing types?

      Billing types refer to the different methods and systems used to charge for goods and services provided. Below are the different billing types available to you:

      1. Flat Rate: A predetermined, fixed amount is charged for a service or product, regardless of the time or effort involved.
        1. Examples: Subscription services, flat-rate consulting services.
      2. Flat Rate - Tiers: Fixed rates are set for different levels or tiers of service, allowing customers to choose the level that best suits their needs.
        1. Examples: Web hosting plans with basic, standard, and premium tiers.
      3. NFR (Not for Resale): Products or services provided at a reduced rate or for free, typically for evaluation, demonstration, or internal use, and not for resale to end customers.
        1. Examples: Software provided to partners or reviewers.
      4. Per: Charges are based on a per-unit basis, which could be per user, per item, per hour, etc., depending on the context.
        1. Examples: Per user licensing for software, per item pricing in retail.
      5. Tiered: Different levels of service are offered at different price points.
        1. Examples: Software subscriptions, mobile phone plans.
      6. Usage Based: Charges typically based on the amount of service used.
        1. Examples: Utility services (electricity, water), cloud computing services.
      7. Volume Based: Charges are based on the volume of usage or purchase, often with discounts applied as volume increases.
        1. Examples: Wholesale pricing, tiered cloud storage pricing.
      8. Other: Any billing type that does not fit into the standard categories listed above, which can be customized according to specific business needs.
        1. Examples: Custom agreements, hybrid billing models.