Financials viewlet

Use the Financials viewlet to view the budget details, charge codes, and time codes associated with a project.
Table 1. Financial calculations
Header Labor Cost Labor Revenue
Forecast Planned effort of the resources or profiles assigned to the project multiplied by the cost rate Planned effort of the resources or profiles assigned to the project multiplied by the selling rate
Estimate Planned effort of the resources or profiles assigned to the task multiplied by the cost rate Planned effort of the resources or profiles assigned to the task multiplied by the selling rate
Actual Planned effort of the resources or profiles assigned to the project multiplied by the cost rate Planned effort of the resources or profiles assigned to the project multiplied by the selling rate
Note: Only active resource rates are used to calculate the actual financial calculations for duration-based projects. If there are only inactive records, then the actual financial calculations for duration-based projects are calculated using the last inactive resource record rate.
Table 2. Budget fields
Field Description
Category Project expense head. Available only when the Category check box is selected while creating the charge code in the Project Management Administration view
Description Brief description of the budget category
Forecast Forecasted cost for a category in a project
Estimate Expenses estimated for a category in a project.

Calculated for effort-based projects by: ( Planned effort based on assignments x Cost rate ) ÷ Selling rate.

Calculated for duration-based projects by: ( Planned duration based on assignments x Project calendar hours per day x Cost ) ÷ Selling rate.

Actual Actual cost incurred for a category in a project.

Calculated for effort-based projects by: ( Project x Cost rate) ÷ Selling rate.

Calculated for duration-based projects by: % DC x Planned duration x ( Project calendar hours ÷ day ) x ( Cost rate ÷ Selling rate ).

Remaining (forecast) Difference between forecast and actual cost.

Forecast variance = Forecast - Actual

A number that is greater than zero is favorable.

Remaining (estimate) Difference between estimate and actual cost.

Estimate variance = Estimate - Actual

A number that is greater than zero is favorable.

Total cost Sum of all the cost rows excluding Labor Revenue
Margin Difference between total cost and labour revenue.

Margin = Labor revenue - Total cost

A number that is greater than zero is favorable.

Table 3. Charge codes fields
Field Description
Name Project expense head. This charge code is created in the Project Management Administration view.
Description Brief description of the project expense head
Code Unique code for the project expense head
Billable Indicates whether the charge code is billable
State Indicates whether the charge code is active or inactive
Table 4. Time codes fields
Field Description
Name Time code assigned with the task
Description Brief description of the time code
Code Unique code for the time code

Feedback

Did this help? You can provide feedback at Jazz.net (registration required): Comment in the forums or submit a bug