Find financial information

In this video, you will learn how to:

  • Find financial information about a project and understand where it came from.
Let’s begin with the project finance page. To get there, we will select a project, in this case “Grid Indoor Ball Launch”. From the project landing page we will select project details, and finance. The project finance page has information about the financials for this project. First, we see the project budget. This was entered during the creation of the project. This number could have previously been discussed with an executive or director, or perhaps it came from the planned and actual cost and revenue fields. These fields show us both the planned labor cost and expenses we anticipate for the project. What’s nice is here we can compare our plan cost with what is actually being spent on the project as it goes along. And not only are we gathering cost information, but we have access to the planned and actual revenue as well. But again, where do these numbers come from? The answer to this question is cost and revenue types. Within your projects, or more specifically your tasks, you can choose what rate the system should use to track the actual cost and revenue using logged hours. To see this, we will navigate back to the task list on the project landing page, and we can select any task. In this case, I selected market research and under the task details tab we also have finance information for this individual task. Here you can see we have a cost type, revenue type, a planned cost and actual cost field, a planned revenue and an actual revenue field. to edit any of this information, the two options you have here are cost type and revenue type. Now there is three that we want to specifically point out here. We have fixed hourly. The fixed hourly rate is entered by you. It overrides any rate already in the system. It overrides only for work done for this task. We then have user hourly. The user hourly rate is based on the rate entered in the user’s settings. And finally, we have role hourly. The role hourly rate is entered into the system by the administrator in the setup area. This rate is set for the whole system, however, this rate can be changed on the project directly through billing rates. Now to show you where billing rates are located we’re going to go ahead and click out of the task finance section and we’re going to come back to the project landing page. From the project landing page, we will select billing rates. From the project billing rates section, you can adjust any of the amounts for the billing rates for a particular job role. So if a rate was renegotiated for this project, that new amount can be entered here. It won’t change for the entire system, just for this project. As an example, we click on new billing rate. Let’s go ahead and click the Designer job role. From here, we can select a new billing rate, again for this project only. Now, the default billing rate that was established when this job role was created by the system administrator is set at $130 an hour. However, again, if we have renegotiated a rate for this project, we can go ahead and enter the amount in the project billing rate field and click save. And it’s as simple as that. We’ve now created a new billing rate anytime the job role of designer is used for work on this project. Next, we want to show you expenses. These are project level expenses. In that same menu, we’re going to go ahead and click expenses. You can see on this field, once we’ve selected it, there are two expenses already listed for this project. We have a new advertising collateral expense in the amount of $37,000. We also have some legal fees that will be used in the amount of $50,000. Costs and revenue types focus only on labor, but budgets can also include things like we’ve just seen, materials, venues, or travel. These are non-labor costs and defined as expenses, and can be tracked on the project. To add an expense to this project we click on the add an expense button. From here, we input the description, now this will be the title or the name of the expense. I have entered “iPads for designers”. Under expense type, I can select any one of the existing expense types. If you need a specific expense type created, engage your system administrator and they can create one for you. For this expense, I will select materials. I can also attach a task to this expense. We can enter a planned amount, we can also enter an actual amount.
We also have a planned date and a date paid field. Now, when creating expenses, you do have the option to mark it as either a billable or reimbursable expense. You can do so by clicking in the fields next to each option. If an expense is reimbursable, a third option is available to us, and this allows us to mark whether this expense has already been reimbursed. To complete the addition of this expense to this project we go ahead and click save changes, and you can see iPads for designers has now been added as an expense to this project. Now in this course we learned where to find your project finances, where those numbers come from, and how to change or add monetary information. Thanks for listening. -