- Overview of the Budget page
- Reviewing your Budget details
- Reviewing your Rates and Internal Cost
- Reviewing your Budget Expenses
Overview of the Budget page
Quick Access: Click on a project > Select the Budget tab.
Only Admins, Controllers, and Managers are able to view the budget page of a project by default. Coordinators and collaborators will not be able to view the page and Managers will only be able to view the revenue information.
The budget page is the financial hub of any project in Forecast. Within it, it is possible to review all the financial information necessary in order to stay on top of a project's budget and deliver it without any financial backlashes.
To assist with this objective, the budget page provides multiple and diverse tabs that cover all necessary financial information. Below, the article covers all of these tabs, starting with the Details tab and then explaining the Rates and Internal Cost tab as well as the Expenses tab.
Reviewing your Budget details
Below the project totals table, users will find the details table displaying financial information across Actuals, Plan, Forecasted to complete and Total at completion. The data in each category is grouped by Billable time and Expenses, Cost and Profit. All tables are further expandable into phases and roles, allowing for a more granular view of the project financials.
The flexibility on the budgets granularity allows for project managers to display as much and as little financial data as needed, allowing to track the budget at a holistic or granular level.
Just like in the chart section of the budget, you can choose to group the financial information either by months or days - depending on the current duration of your project.
Users can also opt to focus in on specific parts of the project financials, namely on Time & Expenses, Expense Details, Invoice Plan.
- Time & Expenses - displays the work and also factors in billable expenses.
- Expense Details - displays the expense items in their respective Phases and dates. To read more about adding an expense item, take a look at Submitting your expenses.
- Invoice Plan - displays invoiced items. To read more about creating an invoice, take a look at Creating invoices for your customers.
Money view
Scrolling past project totals are the Project Details, which display the financial information across Actuals, Plan, Remaining and Forecast. Each of these categories are further is broken down into Billable Time and Expenses, Cost and Profit. Hovering over each will grant a pop up informing the user about the calculation used to get the displayed amount.
- Planned
- Billable Time and Expenses - all billable estimate hours x role rate + price on all planned expenses.
- Cost - task estimate x internal cost + cost on all planned expenses.
- Profit - planned billable time x planned cost.
- Actual
- Billable Time and Expenses - all billable time registrations x role rate + price on all planned past expenses.
- Cost - all time registrations x internal cost + cost on past expenses.
- Profit - actual billable time and expenses spent to date + actual cost.
- Forecast to complete
- Billable Time and Expenses - all remaining billable hours x role rate + price on future expenses.
- Cost - remaining task estimate x internal cost + cost on planned future expenses.
- Profit - forecast billable time and expenses to complete + forecast cost to complete.
- Total at completion
- Billable Time and Expenses - actual billable time and expenses spent to date + forecast billable time and expenses to complete.
- Cost - actuals cost + forecast cost to complete.
- Profit - total billable time at completion + total cost at completion.
All tables are expandable and break down the financial information by:
- Phase
- Role
The flexibility on the budgets granularity allows for project managers to display as much and as little financial data as needed, allowing for the tracking of the project budget at a holistic or granular level.
Similarly to the chart section of the budget, financial information under the time view can be grouped either by months or days - depending on the duration of the project.
Time view
Project Details under 'Time View' display time across Actuals, Plan, Remaining and Forecast. All of which can be shown or hidden with the eye icon.
Within the time view, the budget details are split up into four(4) different groups. Hovering over each will grant a pop up informing the user about the calculation used to get the displayed amount. The groups are as follows:
- Actual - all time registrations.
- Planned - total estimated hours.
- Remaining - all remaining hours.
- Forecast - actuals + remaining.
All tables are expandable and break down the financial information by:
- Phase
- Role
Similarly to the chart section of the budget, financial information under the time view can be grouped either by months or days - depending on the duration of the project.
Reviewing your Rates and Internal Cost
Hourly Rates
The first section is hourly rates, and it will show the rate of each role that exists in the rate card associated with the project as well as the average internal hourly cost of people with the same role. By clicking on the dropdown button that appears at the end of each roles line, it is possible to view the team members that are taken into consideration and their internal hourly rates.
Team Members
Managing the individuals' Internal Hourly Cost
Reviewing your Budget Expenses
Expense Totals
At the top of the page, it is possible to review the total revenue, cost, and profit of expenses that have been accumulated for that project. Moreover, the New Expense button resides here. To learn how to create and submit expenses, see Submitting your expenses.
Approved/Unapproved Expenses
The second section, below the totals, shows which expenses have been approved or are still unapproved as well as a number of information about each expense such as the person who submitted it, the total cost, and whether or not it is a planned expense.
Comments
0 comments
Article is closed for comments.