Creating a project budget

Completing a project within a stipulated budget is as important as finishing the project on time. Use the Financials viewlet to forecast budgets and track expenditures against those budgets.

Before you begin

Use the Financials viewlet to perform this task. In the navigation bar, click Work, and click the Financials tab.
If you have JazzAdmins permissions, when the charge codes were created, you must have selected the Category check box. If no charge codes were specified as categories, then nothing is available for selection when you track non-labor expenses and budgets. The charge codes are associated only at the project level.

Procedure

  1. In the Work view, make sure that the Financials viewlet is open.
  2. From the WBS tree, select a project.
  3. Optional: If the labor forecast type for the project is manual:
    1. In the Labor Revenue row of the Budget section, double-click the Forecast field to enter a value.
    2. In the Labor Cost row of the Budget section, double-click the Forecast field to enter a value.
    Typically, you complete this step if you selected Manual for the forecast values of Labor Cost and Labor Revenue when you created the project. If you selected Calculate, the forecast values for Labor Cost and Labor Revenue are automatically calculated based on the project level assignments of resource or profile and resource rates for those assignments.
  4. In the Budget section, click Add to add a new charge code to track financial information for.
  5. From the new row, select the category from the drop-down menu in the Category column. These categories are defined in the Project Management Administration view as charge codes with the Category check box selected.
  6. Double-click the field in the Description column to enter a brief explanation. This description can later help you identify each category if you have multiple entries of the same type.
  7. Enter details in the following columns:
    • Forecast
    • Estimate
    • Actual
    Note: The variances are calculated as follows
    • Remaining (Forecast) = Forecast - Actual
    • Remaining (Estimate) = Estimate - Actual

    Margins are calculated by subtracting the total cost from the Labor Revenue.

  8. Click Save. The total costs adjust based on the values that you entered.

What to do next

Users can modify the forecasts, estimates, and actuals for non-labor categories. To modify a budget entry, double-click the field, edit the value, and click Save. To remove a budget entry, select the field, click the Remove icon remove icon, and click Save.

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