Reviewing your Project Financials

Financials > Overview provides the financial details of a project's budget. Overview contains two expandable sections, Budget Data and Details. 

Budget Data

At the top of Budget Data is a graph that provides an at-a-glance overview of the project's budget and progress, in terms of Money or Time. Selecting Money reveals three additional views: Time & Expenses, Expense Details, and Invoice Plan, each of which displays the corresponding monetary values of the project. Selecting Time shows the budget details in hours.

Money

Money provides three views: Time & Expenses, Expense Details and Invoice Plan. Time & Expenses and Expense Details each offer three additional toggles for Revenue, Cost and Profit. Click the desired metric to view the graph based on your selection.

• Time & Expenses: Displays the the project's planned and actual billable time and expenses.
• Expense Details: Displays the project's expense item, including revenue, cost and profit.

• Invoice Plan: Displays invoiced items. Check out Creating invoices for your customers for more information on invoices.
  

Directly below the graph is Totals. Use the show/hide (Eye) menu to add or remove columns from the Totals table.

Below Totals is Revenue recognition. The table displays monthly revenue values based on time and expenses, directly corresponding to the Revenue Recognition page within the project’s Financials. Revenue recognition is available in the Money view, but not in Time. For more information on these values, refer to Understanding and Using Revenue Recognition.

Time

Time displays the project’s budget in hours. Similar to the Money view, Time offers options to view the data in Days or Months, depending on the project’s duration. Hover over the graph to see the Planned Time and Actual Time to date, displayed in hours by date.

Time also includes Totals, where the project’s hours are displayed. Use the Eye icon to add or remove columns such as Planned, Actual, Forecast to Complete, Total at Completion.

Details

Both Money and Time views break down the budget's Totals into Details, offering Project Managers a more granular view of the project’s budget and financials. Your selection of Days or Months carries over into the project’s financial Details.

The metrics displayed are based on your selections in the show/hide (Eye) menu. Data in each subsection is grouped by phase and role. 

Choose from the following to add or remove subsections in Details:

• • Planned
  • Actual
  • Forecast to Complete
  • Total at Completion
  • Revenue Recognition
  • Planned vs Actual
  • Planned vs Total at Completion

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Revenue Recognition

Revenue recognition is a generally accepted accounting principle (GAAP) that stipulates how and when revenue is to be recognized. The revenue recognition principle, using accrual accounting, requires that revenues are recognized when realized and earned, not when cash is received.

Check out Understanding and using Revenue Recognition for information specific to this section of your project's Financials.

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Task Breakdown

Task Breakdown is a list of all tasks within a project, showing their current status, progress completion %, associated revenue recognition values, and more. You can customize the table by adding or removing columns using the show/hide (Eye) menu to display the data most relevant to your review. Additionally, you can filter or group tasks by Phase, Role, or Person, which helps track progress throughout the project. Task names are also clickable, allowing you to open the task’s modal directly to review its details.

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Rates & Internal Costs

Rates & Internal Costs shows all of the roles and their rates that are associated with the project as well as team members assigned to the project and their internal hourly cost. Rates & Internal Costs includes Hourly Rates, Team Members missing internal hourly cost (if applicable) and Team Members.

Hourly Rates

Hourly Rates displays all roles their corresponding rates. The number of project team members assigned to each role is shown in parentheses next to the role name. Rate represents the billable hourly rate for each role. To the right, Internal Hourly Cost is displayed for users with applicable financial permissions, showing the average cost for roles assigned to the project. You can expand a role to view the team members assigned to that role within the project

Team Members missing internal hourly cost

If any of the project team members do not have an internal hourly cost assigned, Team Members missing internal hourly costs will appear with the count of users in parenthesis. Expand the section to review team members. Click the 0.00 to add their internal hourly rate. Doing so ensures your project's budget is calculating internal cost accurately. If all project team members have an internal hourly cost assigned, this section will not appear on the page.

Team Members

Team Members displays all team members assigned to the project, along with their project roles and internal hourly costs. If you do not have permission to view full financials, only the team members and their project roles will be listed here.

Access Internal cost periods by clicking on a team member's internal hourly cost value. If you notice a team member without an assigned project role, you can assign that here as well. Once the page is refreshed, the internal rate change will reflect. 

For more information on working with Internal cost periods, check out Understanding Internal Hourly Cost.

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Expenses

Expenses focuses on any expenses that have been created for the project. Total Revenue, Cost and Profit values appear at the top of the page. Expenses are grouped into Unapproved and Approved allowing you to easily review approved expenses, or identify submitted expenses that have not yet been approved. New Expenses can also be created using New Expense. To learn how to create a project expense see, Submitting Expenses.