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Project Management

Enter project budgets

You can add budgets on projects or their associated tasks in Practice CS. Budgets are expressed in the hours expected to complete a project or task and the dollar amount those hours represent.
Budgets can help determine how much time a specific job is expected to take. Management can use the budgets to determine resources needed to complete the scheduled and anticipated work, and to measure the variance between expectations and actual hours and dollars spent in completing each project.
Budgets can be entered on the project or on each task. The budget for the project is the sum of the budgets on all tasks. A budget entered on a project template is entered on all projects added from the template. Budgets are usually entered on individual projects since budgets vary by client. The process of entering budgets on templates is the same as entering them on individual projects.

Enter a budget at the project level

The project budget is entered under
Budget Information
 on the
Main
 tab of a project, using the following fields:
  • Base on tasks
    : Mark this option if you're going to enter the budget on each task. Don't mark this option if you're entering the budget for the project as a whole or there are no tasks.
  • Calculate amount automatically
    : If this option is marked, the budgeted amount is entered automatically if a staff member is assigned to the project and a staff rate is set on the specified engagement for the client (effective date of staff rate must be earlier date than the project due date in order for calculation to occur).
  • Budgeted Hours
    : Enter the number of hours the project is expected to take.
  • Budgeted Amount
    : Enter the number of dollars that represent the value of the hours budgeted for the project.
    note
    If
    Calculate amount automatically
     is turned on, the budgeted amount is entered automatically if a specific staff member is assigned to the project and a staff rate is set on the specified engagement for the client. If not, the amount must be entered manually.
  • Actual Hours
    : The number of hours entered for this project in Time and Expense Entry. This field can't be changed on the project.
  • Actual Amount
    : The value of the hours entered for this project in Time and Expense Entry. This field can't be changed on the project.
  • Est. Remaining
    : The estimated remaining hours needed to complete the project. This field is calculated by subtracting the
    Actual Hours
     from the
    Budgeted Hours
    .
  • % Complete
    : Percentage of the budgeted hours entered for the project divided by the
    Actual Hours
     by the
    Budgeted Hours
    . The estimated hours remaining can be adjusted by selecting the ellipsis next to the
    Estimated Remaining
     field. A window showing the hours entered for the project and any adjustments made to the remaining hours opens on which an adjustment to the remaining hours can be entered.
  • % Complete
    : the
    Actual Hours
     divided by the
    Budgeted Hours
    . This field can be overridden and will turn red to signify that it has been changed.

Entering budgets on tasks

When
Base on tasks
 is selected on the Main tab of the project, budgets may be entered on each task. The budget information on the project will then display the sum of the budget information on the tasks.
Task budgets are entered under
Budget Information
 on each task, using the following fields:
  • Calculate amount automatically
    : If this box is marked, the
    Budgeted Amount
     will be entered automatically if there is a specific staff member assigned to the task and a staff rate set on the specified activity.
  • Budgeted Hours
    : Enter the number of hours the task is expected to take.
  • Budgeted Amount
    : Enter the number of dollars that represent the value of the hours budgeted for the task.
    note
    If
    Calculate amount automatically
     is turned on, the budgeted amount will be entered automatically if there is a specific staff member assigned to the project and a staff rate is set on the specified activity. If not, the amount must be entered manually.
  • Actual Hours
    : The number of hours entered for this task in Time and Expense Entry. This field can't be changed on the task.
  • Actual Amount
    : The value of the hours entered for this task in Time and Expense Entry. This field can't be changed on the task.
  • Est. Remaining
    : The estimated remaining hours needed to complete the task. This field is calculated by subtracting the
    Actual Hours
     from the
    Budgeted Hours
    .
  • % Complete
    : Percentage of the budgeted hours that have been entered for the project calculated by dividing the
    Actual Hours
     by the
    Budgeted Hours
    . The estimated hours remaining can be adjusted by selecting More next to the
    Estimated Remaining
     field.

This article applies to:

  • Product: Practice CS