Enter/ Edit Project Budgets
Project Budgets are the core estimating and execution entity within ProjectStream 365. Every budget maintains baseline, forecast, committed, and actual values for both cost and revenue amounts. Values at the budget level also roll up to Project Task as well the Project level.
The Project Budget can be accessed from either the Gantt View (at a Task Level), from the Project main form or from Project Scopes.
Procedure: Edit Budgets from Gantt View
- From a Project Proposal, click the Gantt tab.
- Right Click a Project Task and select Edit Budget.
- Cost Category: Select from a valid cost category. The cost category will determine how the budget line will be estimated and what type of Transactions will be used to record actuals (Timesheet, Purchase/Material, Expense, Equipment, etc.).
- Product: Product is available for selection when the cost category has the ‘Purchase/Material’ transaction usage type. Select a valid Product (from the Product Catalog). Default values are automatically set and profit calculations are made when the product is selected. (Name, Vendor, Type, UoM, Unit Cost, Total Cost, Profit Type, Profit %, Unit Price and Total Billings). These values can be overwritten on the budget line.
- Resource: Resource is available for selection when the cost category has the ‘Timesheet’ transactions usage type. Valid Resources are maintained in the Project Resource master table. Default values are automatically set and profit calculations are made when the product is selected (Name, Type, UoM, Unit Cost, Total Cost, Profit Type, Profit %, Unit Price and Total Billings). These values can be overwritten on the budget line. Cost and Billable rates are determined based on the Rate List selected on the Project, or Project level rate overrides if they exist.
- Budget Name: Name of the budget. Value can be changed from its default value.
- Vendor: Available on Purchase/Material type purchases. It's value can be selected from valid Vendors in the Account master data. The Vendor selected here will help automate the purchasing process downstream.
- Type: T/M = Time and Material, FP = Fixed Price. The value is defaulted from the Project level setting and can be modified on the budget. T/M budget lines are billed according to actual transactions incurred. FP budget lines are billed a fixed amount that equals the baseline billing amount for the budget line.
- Status: Default Status is Estimate. Valid values are Estimate, Open, Hold, Completed and Closed.
- Qty: Enter the quantity for the budget line
- UoM: Unit of Measure for the budget line. Defaulted from either the Product or Resource depending on the type of Cost Category.
- Unit Cost: Defaulted from either the Product or Resource depending on the type of Cost Category. A user can change the unit cost. Changing the unit cost will automatically calculate the Total Cost, Unit Price (if cost based), and Profit amounts.
- Total Cost: Calculated field = (Quantity x Unit Cost) + Overhead cost
- Profit Types: Project Stream supports several profit mark-up methods
- Price/Rate: Unit Price is based on Product Catalog ‘Price List’- Markup %: Unit Price = Unit Cost + (Unit Cost x Markup %)- Margin %: Unit Price = Unit Cost / (1 - Margin%)- None: Unit Price will be set to 0.
- Percent: Available for Markup% and Margin% profit types.
- Unit Price: Set based on Profit Type above. User can overwrite the Unit Price if the Profit Type is set to Price/Rate.
- Total Billings: Calculated Field = Quantity x Unit Price
- Total Profit: Calculated field = Total Billings – Total Cost
- Profit %: Calculated field = Total Profit / Total Billings