Find out how the Budget page in Forecast works and how you can use it to monitor your financials.
- Understand the Layout of the Budget page
- Check and change your financial preference settings
- Understand the Warnings on the Budget page
The Project Budget in Forecast is intelligently connected to make your job easier. Roles, team members, rate cards, and clients are all connected to give you the best possible estimations and budget for your projects.
There are two views available for the budget, Money and Time. Both show the same thing but from the perspective of either money or number of hours. This article focuses on the financial perspective, or the "Money" side of the Budget page. Read more here about the time perspective.
Level of Detail
Display as much or as little financial information as you want by clicking on the Eye Icon. Choose to display things like Project Variances or choose to focus in on just Costs.
Please note that in the latest version of our budget page the eye icon has been updated and may not include some options. Those options removed are now shown on other parts of the budget, the picture below shows this.
Transition seamlessly across Revenue, Cost & Profit to track your project's budget and get a detailed understanding of where you stand regarding; Actuals, Plan, Remaining, Forecast numbers and more.
Choose to track at a holistic or granular view by alternating between the: Month (Default view) or the Day view. As you alternate, the details tab will adjust the level of granularity selected from the dropdown menu.
Please note that, depending on the length of your project, the default view in the graph will alternate between the 2 views (days or month). For instance, if your project is 4 months long, and has been running for a few weeks, the default view will be Months. If your project is 2 months long then the default view will be days.
Just underneath your Budget Chart are your Project Totals, which displays financial information that encompasses time entries, expenses and/or tasks that are only within the boundaries of the project.
This table aggregates your projects: Revenue, Cost and Profit each in their respective rows. Each total can be grouped into Actual, Plan, Remaining, Forecast, and more. Each one of these can be added or removed in the eye-icon depending on the level of granularity you wish to get.
Check out these articles to understand how the respective numbers are calculated for the different budget types:
Scrolling past project totals are the Project Details, which display the financial information across your: Actuals, Plan, Remaining, Forecast, and more - Each of which is grouped by Revenue, Cost and Profit.
All tables are expandable and when expanded break down the financial information by each:
The flexibility on the budgets granularity allows for project managers to display as much and as little financial data as needed, allowing to track your budget at a holistic or granular level.
Use the eye-icon to decide which information you want to see in the detailed project details.
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.
Work & Expenses, Expense Details & Invoice Plan
You can also opt to view budgetary information separately and focus in on just:
- Work & Expenses: which just displays the work and also factors in billable expenses.
- Expense Details: which just displays the expense items in their respective Phases and dates.
- Invoice Plan: which just displays invoiced items
When reviewing the expenses under Actuals for the Work & Expenses tab, you will be able to view the expenses that have been attached to a specified Phase there.
Note: If you wish to learn more about how you can create and add expenses to a project please visit this article.
When selecting between one of these will also change the chart display as well.
Rates & Internal Cost
Conveniently view and/or change the Roles, Rates, Internal costs and Team Members associated with your budget.
Expanding on Rates & Internal costs is only available for Admins. However, Controllers can now adjust rate cards without affecting any other projects or having to ask Admins to create new rates.
Cost Rate Changes
From the budget's Rate's & Internal Cost tab, you can opt to change the cost rate calculation of your project between:
- Calculating unassigned tasks using the average hourly cost rate of the team assigned to the project.
- Calculating unassigned tasks using the average hourly cost rate of everyone in the company.
- Setting a fixed hourly cost rate for the unassigned task.
Changing the Budget Type
Even after a project budget type is determined you can change it by simply visiting the settings section of a project and scrolling down to Project Budget Type and click Change Budget Type and choose to change between:
- Fixed Price
- Time & Materials
A fixed price agreement is a one sum contract where the service provided/project is completed within the agreed-upon sum. This budget type is mainly used in cases where specifics, requirements and rates are predictable.
This type of project/budget is ideal for small projects, where the project scope is limited, the requirements and deadlines are clear.
In Forecast effortlessly add or adjust a fixed price to your budget, after you have planned it out. You can opt to add in a fixed price, as displayed below by either entering a value in the Fixed Price field or alternatively add in a percentage markup.
Once you have determined the Fixed Price value of your project you can then choose to adjust your rate card or keep it as it is. Keep in mind that you cannot alter your fixed price if your budget type is Retainer.
Adjusting the Rate Card associated with the project. In choosing to adjust your rate card, the system will provide you with a new set of rates across all of your roles that are derived from the Fixed Price associated with your project. This does not make changes to the actual rate card, it merely makes a copy that only affects the current project you are adjusting it for. You can also just keep the Rate Card as it is.
If needed, you can always switch back to the Original Rate Card at any time.
If for any reason you were to have a mistake in your project or something is missing, the budget will display the following warning, signaling that your attention is required.
Click on the warning and you will be able to view in detail what the issue is. By clicking on each issue that appears you will be able to make the necessary adjustments without having to leave the budget page.