Budgeted Time & Costs

The Budgeted Time & Costs view is primarily designed to create or update time and cost budgets for projects created in the Project Assignments view of the Employees & Projects section of the software. The view can also be used with projects created in the Project Planning tool; however the view's editing features are restricted for this type of project.

As a review and reporting tool, the Budgeted Time & Costs view is useful for both types of projects.

Note that the terms 'estimate' and 'budget' are used interchangeably.

This lengthy topic explains (1) the factors used in calculating estimated company and client costs, (2) how to create a budget (time and costs) for a project created in the Project Assignments view, (3) how to edit budgets for multiple projects and task assignments, (4) describes how to review summary cost information for a project, and (5) how to locate the items that are over budget on time.

How estimated company and client costs are calculated:

Estimated client and company costs are automatically calculated for each task assignment created for a project. These estimated costs are displayed in several key locations within the software and in numerous reports. The following defines company and client estimated costs and identifies the factors used in their calculation.

Estimated company cost is the calculated amount used to determine your company's estimated cost to accomplish a task or project.

For each task assignment:
 

Estimated company cost = estimate hours x rate of wages

1. • Estimated hours: The estimated number of hours required by an employee to finish the task.

   • Rate of wages: The hourly wage rate (pay rate) for the employee assigned to the task. This is initially set using the employee's rate of wages field.

Estimated client cost is the calculated amount used for billing clients (or for charge back) for tasks or projects.

For each task assignment:

Estimated client cost = estimate hours x rate charged x task prorating

1. • Estimated hours: The estimated number of hours required by an employee to finish the task.

   • Task Prorating: A multiplier assigned to the task. Used when you charge clients more (or less) for time spent on specific tasks. This is initially set using the value in the task's prorating field.

   • Rate charged: The hourly rate charged (billable rate) for the employee assigned to the task. This value is initially set using the employee's rate charged field.

You can display costs in any currency if the Currencies functionality is enabled. For client and company costs calculations, each employee's estimated time costs are calculated and displayed using the exchange rates valid for the date the budget rate is set. See 'How currencies are applied to time entries' for a brief description.

Displayed costs = Costs calculation as described above  x  exchange rate (for the currency being displayed) on the date the budget rate is set.

To create a budget for a project:

Prerequisite:

• Before entering estimated time for a project, you should complete all employee and task assignments for that project.

• If currencies are enabled and you plan to view budgeted costs in more than one currency, then set the budget date used for exchange rates for this project.

1. Select Budgeted Time & Costs from the menu (Menu > Views tab > Employees & Projects > Budgeted Time & Costs).

2. Select the project from the drop-down list located at the top of the window.
   
   Each task assignment for the selected project is displayed in the grid. For each task assignment, the default budget information is displayed.
    

Details on the budget information displayed

To add or edit each task assignment row's estimated cost:

1. Click on the task assignment row to edit and click the properties button on the toolbar.

2. Add (or edit) information in each field as required. 

If editing the Rate Charged, Rate of Wages or Task prorating, then the link to the original source information for the rate is broken, and any updates to the source rate information is not transferred to the edited assignment.

Example: Bob is assigned to a task and his Rate of Wages (as established in his employee profile) is $35/hour. You manually adjust the rate for this assignment to $40/hour using the Budgeted Time & Costs view. Bob's Rate of Wages is later changed in his profile to $45/hour. This new rate will not be applied to any assignments manually edited using the Budgeted Time & Costs view.

To add a client overtime rate to a task assignment:

1. 1. Click the Add button located to the right of the Client overtime Rates list box.

   2. Select one or more client overtime rates from the pop-up window and click Add.

   • The client overtime rates applied here are available to the employee entering time for this assignment and are used to calculate client costs.
      

To add a company overtime rate to a task assignment:

1. 1. Click the Add button located to the right of the Overtime Rates list box.

   2. Select one or more company overtime rates from the pop-up window and click Add.

   • The company overtime rates applied here are available to the employee entering time for this assignment and are used to calculate company costs.

3. Click the Next Record button to automatically save the changes and move to the next record. Or click Done to save the changes and close the window.
    

About the Task Assignment Summary information

To add or edit estimated cost information across multiple projects and task assignments:

1. Select any task assignment row in the Budgeted Time & Costs view.

2. Click the Budget Wizard button on the toolbar.
   
   

3. Select the project, tasks and employees for which the estimate modifications will be applied. When the Budget Wizard is initially launched, the lists highlight the project, task and employee originally selected in step 1.
   
   The list boxes initially display all available projects, tasks and employees. To only view tasks and employees assigned to a specific project, select the project and check the Only view assignments for the selected Projects checkbox.
    

4. Modify any of the available fields by first selecting the checkbox and modifying the value.
   
   
    

When enabled, currency options are available for both rate fields. If modifying one or both rate fields, select the currency to be linked with all the assignment estimates selected.

5. Click Apply to update the estimate information.

To edit a single task assignment's estimated cost:

1. Select the project from the Project drop-down list near the top of the view.

2. Optionally select an Employee and Task from the drop-down lists at the top of the view to further narrow the information displayed in the grid.

3. Click the task assignment row to edit.

4. Click the Properties button on the toolbar.

5. Modify any of the available fields:

6. Click Done to automatically save and close the window.
    

To apply a project based rate:

1. Select the project from the Budgeted Time and Costs view’s Project drop-down list.

2. Click the Budget Wizard button  on the toolbar.
   
   In the left side pane, the selected project is highlighted.

3. Check the Only view assignments for the selected Projects box to display only those tasks and employees assigned to this project.

4. Select all Tasks and all Employees.

5. Modify the Rate Charged (billing rate) or Rate of Wages (pay rate) as required by checking the box to the right of the field and entering the rate.

6. Modify other available fields if applicable.

7. Click Apply to update the budget information.

To review a project's estimated vs. actual time and costs:

1. Select the project from the Project drop-down list near the top of the view.
   
   The project time and cost summary information is displayed at the top of the screen. It compares estimate and actual values for Total Hours, Company costs and Client costs.
    

To locate task assignments that are over budget on time:

1. Select the project from the Project drop-down list near the top of the view.

2. Click the Filter button on the toolbar to display the Budget filter window.

3. Check the Hours over budget box to see all task assignments that have Actual hours greater than estimated hours.
   or
   Check the Projected hours over budget box to see all task assignments that have Actual hours + ETC greater than estimated hours.

You can also use this filter to view task assignments that have no ETC or no budgeted hours (estimate hours).