Budgeting

When setting up an external project, it’s required to enter a Budget/Contract Value (previously called Estimated Value). This is set on the Details tab of the project.

Projects

A project will be considered over budget when the sum of all deliverables exceeds the Budget/Contract Value.

Budget

• Budget/Contract Value: The Budget/Contract Value set on the project.
• Total Jobs Budget/Contract Value: The sum of all jobs’ Budget/Contract Values within the project.

Effort

• Effort Value: The productivity hours logged against the project multiplied by the charge-out rate per hour.
• Budget Remaining: The project’s Budget/Contract Value minus the Effort Value.

Actual

• Actual Value: The sum of all deliverables on the project plus the sum of Work in Progress (WIP)
• Budget Remaining: The Budget/Contract Value minus the project’s Actual Value.

Jobs

A job will be considered over budget when either of these conditions is met:

• The value of all deliverables exceeds the job’s Budget/Contract Value.
• The value of all time spent on the job exceeds the job’s Budget/Contract Value.

Budget

• Budget/Contract Value: The amount set on the job.

Effort

• Effort Value: The productivity hours logged against the job multiplied by the charge-out rate per hour.
• Budget Remaining: The job’s Budget/Contract Value minus the Effort Value.

Actual

• Actual Value: The sum of all deliverables on the job.
• Budget Remaining: The Budget/Contract Value minus the job’s Actual Value.
• Percentage Claimed: The percentage of the job that has already been paid.

Time (Hours)

• Estimated/Actual: The estimated time entered on the job versus the amount of productivity logged against the job.