The Budget function aims to establish and a pool of hours and to make that pool of hours, and the rate of utilization, and the remaining hours (Hours to Completion, HTC) visible to all Users. The system recalculates the HTC in real time on each time entry. Budget figures and Actual performance are tracked side by side.

The Budget comprises four budget types (basic, Assigned, Monthly and Task)

A Basic Budget establishes a pool of hours assigned to one Part of the Project. The pool of budget hours is used by all Users who book time to the project and the hours remaining (HTC or Hours to Completion) is recalculated in real time after each time entry. A simple basic budget is produced by the system with minimal input by the Project Manager.

An Assigned Budget divides the available hours assigned to one Part of a Project establishes separate pools of hours assigned to individual users. The hours remaining (HTC) is recalculated for each user in real time after each time entry. Assigned budgets require more input by the Project Manager.

A Monthly Budget divides the available hours assigned to one Part of a Project establishes separate pools of hours assigned to individual users during each Month of the project’s duration.

A Task Budget makes it possible to split a Project Part into smaller tasks and to assign a separate Budget to each Task.

Review the current Budget situation Projects>>Project Name>>Budgets>>Summary.

The summary page indicates the Budget Type currently assigned to each Part of the Project along with the Part Fee, the Blended Cost Rate and the Hours for the Budget and Actual.

The summary page indicates the total budget hours and the total actual hours.

If a Budget has not been created the budget type indicates “Create…” On the Basic Budget page click New Budget.

The left hand column (“Auto Budget”) includes a basic budget in which the available hours are calculated by assuming a desire for a 20% profit and therefore dividing 80% of the fee revenue by a “Blended Cost Rate”. The Blended Cost Rate is the product of hours x cost per hour (Internal Cost Rate) for each person working on the project, divided by the total number of hours. The default value is $160.00. Set the default value Admin>>Financial Admin>>Default Blended Rate (coming soon)

A calculator is available to help estimate the Blended Rate based on estimates of time by each Functional Group. Click the icon to the right of Blended Rate.

To modify the budget adjust the Blended Rate (if necessary), and adjust the Hours, CLICK SAVE (top left of page). The system updates and recalculates the profit.

Other costs related to the project can be added to the budget in the Other Project Costs Section. Click New, Edit the Description and Budget costs fields and CLICK SAVE (top left of page).

Click New (May need to click New a second time) Select a User from the dropdown list enter a budget hours number and click Insert. Repeat as necessary. The table holds a value to represent the number of hours remaining unassigned in the budget. This number of unassigned hours is available to all other unassigned users.

To make the timesheets display individual user budgets and respond to individual user input click the box to indicate “Use Budgets Assigned to users in timesheet in place of Basic budget.

Setup a Basic Budget using the steps described above.

Select Monthly Budget

Click New

Enter Start Date, end date and average hours per month (hours per month can be adjusted month be month in the grid). Repeat for additional users. Edit the hours directly in the grid as necessary CLICK SAVE (top left). Remaining time can be made available to All Unassigned Users.

To make the timesheets display monthly budgets allocated to individuals click “Use Monthly Budgets in Timesheet in Place of Basic Budget”

The Monthly Budget page also displays a summary comprising:

Actual Hours Remaining
Budgeted Hours Remaining
Unbudgeted Hours Remaining

For comparison between budget and actual hours in the current year, check the box “Show Actual Hours”

For comparison between budget and actual hours from previous years, check the box “Show Prior Years”.

A Task Budget makes it possible to split a Project Part into smaller tasks and to assign a separate Budget to each Task.

Click New (adjacent to the Tasks Grid), edit the Task name, Status and Budget Hours, CLICK SAVE (top left)

To make the timesheets display Task Budgets in place of Project Part Budgets check the box “Hide part in timesheets and book Time Directly to Active Tasks.