Working With Project Budgeting

You can use the project budgeting feature to monitor the cost of a project over the duration of the project. You can compare the estimated cost of the project to the actual cost once the project is complete. This will enable you to identify areas that exceeded the projected budget so that you can address these areas in the future.

This article covers the following topics:

  • How to Create a Project Budget Category
  • How to Add Budget Fields
  • How to Edit and Delete Budget Fields
  • How to Enter the Budget Costs
  • How to View the Budget Costs on the Project Home page
  • How to Enter the Actual Costs through the Project Cost page

 

How to Create a Project Budget Category (Supplier)

You can create project budget categories so that you can compare the actual cost of a project with projected costs so that you can identify areas that are forcing increases in your projected budget.

To create a project category:

  1. Click the Admin tab, then click the My Group sub-tab.
  2. Click the Project Budget Categories link in the Workgroup Options section.
  3. Click Add Budget Category....
  4. Enter the name and description of the category in the fields provided. Check the Compare to Actuals checkbox to compare the category to the actual budget. You can use this option to compare one of the budget categories to the actual costs on the Project Home page.
  5. Click Add.

This adds the category to the Project Budget Category List.

 

How to Add Budget Fields (Supplier)

You can define the individual budget fields that will appear on the Update Project Budget page when you're comparing budget costs.

To define a budget field:

  1. Click the Admin tab, then click the My Group sub-tab.
  2. Click the Form Fields link in the Workgroup Options section.
  3. Click the Project Budget link.
  4. Click Add Field....
  5. Enter a name for the field in the Label field.
  6. Check the Required checkbox to make the field required.
  7. Select type of field from the Type drop down list.
  8. Check the Include in Total checkbox to include the field in the total budget price calculation on the Update Project Budget page.
  9. Enter the size and maximum length of the field in the Size and Max Length field.
  10. Click Add.

This adds the field to the Project Budget Fields and the field will appear on the Update Project Budget page.

Note: When you have more than one field on the Project Budget Fields page, you can change the position of a field by clicking the up or down arrow beside the field name.

 

How to Edit and Delete Budget Fields (Supplier)

To edit a budget field:

  1. Click the Admin tab, then click the My Group sub-tab.
  2. Click the Form Fields link in the Workgroup Options section.
  3. Click the Project Budget link.
  4. Click the Edit icon beside the field you want to edit.
  5. Make any required changes and click Update.

Note: If the Type is changed on an existing control, any data previously created using this control will be inaccessible.


To delete a field:

  1. Click the Admin tab, then click the My Group sub-tab.
  2. Click the Form Fields link in the Workgroup Options section.
  3. Click the Project Budget link.
  4. Click the Delete icon beside the field you want to delete.
  5. Click OK when the deletion confirmation dialog appears.

 

How to Enter the Budget Costs

To enter the budget costs:

  1. Navigate to the Project Home page.
  2. Select Budget... from the Home drop-down menu.
  3. Enter the budget costs in the fields provided. The fields in red are required fields and must be filled in.
  4. Click Update.

 

How to View the Budget Costs on the Project Home Page

To view the budget costs on the Project Home page:

  1. Navigate to the Project Home page.
  2. Click the Personalize the page link at the top of the page.
  3. Select the Project Budget item and drag it to the Show list.
  4. Click OK.

The Project Budget section appears on the Project Home page. 

Note: The Actuals column is not filled in until the project is complete and the actual costs are know.

 

How to Enter the Actual Costs through the Project Cost page

You can enter the actual project costs through the Project Costs page.

To enter the project costs:

  1. Navigate to the Project Home page.
  2. Select Cost... from the Home drop-down menu.
  3. Enter the costs description in the Description field.
  4. Select a supplier from the Contacts list by clicking the Contacts button. This field can be left unassigned.
  5. Select the budget type from the Budget Type drop down list. If you select Unclassified, the cost will appear as an Unclassified budget cost on the Project Budget deskoid on the Project Home page.
  6. Enter the cost in the Cost field.
  7. If you want to add another item, click Add New Cost Item and repeat steps 2-5.
  8. When you have added all of the required items, click Save and Exit.

The Actual costs appear in the Project Budget deskoid on the Project Home page.

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