Manage information in the project Finance area

Last update: December 12, 2024

CREATED FOR:

  • User

You can view or edit the financial information of a project by accessing the Finance area of the Project Details section. There is a limited number of fields that you can view or edit in this area. For information about editing all information for a project see Edit projects.

Access requirements

Expand to view access requirements for the functionality in this article.

You must have the following access to perform the steps in this article:

Adobe Workfront planAny
Adobe Workfront license

New: Light or higher

or

Current: Review or higher

Access level configurations

View or higher access to Projects and Financial Data

Edit access to Projects and Financial Data to edit financial information on the project

Object permissions

View permissions to a project or higher that include View Finance permissions

Manage permissions to the project that include Manage Finance to edit financial information for the project

For more detail about the information in this table, see Access requirements in Workfront documentation.

Overview of the Finance area

Consider the following when viewing or editing information in the Finance area:

  • The financial information you can find on the Finance area of Project Detailsrepresents values that roll up to the project level from tasks, as well as information entered directly on the project. Some financial information can be managed at the project as well as the task level.
  • You must have View permissions on the project as well as access to Financial Data from your access level in order to be able to view the Finance area on a project.
  • You must have Manage permissions on the project as well as access to Financial Data from your access level in order to be able to edit the information on the Finance area . However, we recommend that only the Project Owner should edit the information on this area .

View Finance information on a project

  1. Go to a project.

  2. Click Project Details in the left panel.

  3. Click the Edit icon in the upper-right corner of the Details section, then click Finance.

    NOTE
    Depending on how your Workfront administrator configured your Layout Template, the Overview section might not be listed first, in which case it is collapsed. For information, see Customize the Details view using a layout template.

  4. View the following fields in the Finance area of the project:

    Performance Index MethodControls the method Workfront uses to calculate Earned Value metrics. It can be hours-based, or cost-based.
    For more information about the PIM, see the article Set the Performance Index Method (PIM)
    CPI/SPI/CSI

    These are project performance metrics that show how your project is performing, at a given time. Their values are calculated based on the Performance Index Method.
    For more information see the following articles:

    Estimate at CompletionProjected total cost of your project, represented in hours if the Performance Index Method (PIM) is hours-based, and it is represented in a currency value, if the Performance Index Method (PIM) is cost-based.
    For more information about calculating the Estimate at Completion, see the article Calculate Estimate At Completion (EAC)
    BudgetThis is the budget set for the project. This is manually specified by the Project Owner.
    Fixed CostThese are the fixed costs on the project, independent of other activities on the project. They are manually entered by the Project Owner.
    Planned CostThe estimated cost of the project, based on Planned Hours and the rates associated with the task assignees (job roles or users).
    Actual CostAll of the costs accruing on the project. Actual Cost is the sum of all actual costs: labor cost (based on Actual Hours and the rates associated with the job roles or users logging them), expenses, and fixed costs, which can be associated with a project or task.
    Fixed RevenueSet income expected based on the project schedule. Fixed Revenue is manually specified by the Project Owner.
    Planned RevenueProjected income expected based on the Planned Hours and the rates associated with the task assignees (job roles or users).
    Actual RevenueActual income from the project based on the Actual Hours and the rates associated with the task assignees (job roles or users).
    Billed RevenueRevenue billed to clients or other parties which is captured in Billing Records. For more information about billing records, see the article Create billing records.

Edit financial information on a project

As a Project Owner, you can edit the information on the Finance subtab of a project.

To edit information on the Project Finance subtab:

  1. Go to a project which you are the owner of.

    NOTE
    You need Manage permissions to the project to perform the following steps. We also recommend that only the Project Owner should make changes to the Finance subtab of the project.

  2. Click Project Details in the left panel.

  3. Click the Edit icon in the upper-right corner of the Details section, then click  Finance . This opens the Finance area for editing.

  4. Edit any field that is available for editing, by single-clicking the field or click +Add to add information to an empty field.

    TIP
    Fields are not available for editing if they are automatically calculated by Workfront or if you don’t have editing permissions on them.

  5. Update any of the fields below.

    NOTE
    Depending on how your Workfront administrator sets up our Layout Template, the fields in the Project Details section might be different in your environment. For information, see Customize the Details view using a layout template.
    Performance Index Method

    Controls the method Workfront uses to calculate project performance metrics. This is set up at the system level by your administrator, but you can also edit it at the project level. Consider selecting one of the following options:

    • Hour-Based: Workfront uses the Planned Hours in calculating the CPI and EAC of the project, and the EAC of the project displays as a number, in hours.
    • Cost-Based: Workfront uses the Planned Labor Cost in calculating the CPI and EAC of the project, and the EAC displays as a currency value. When you select this option, ensure that your task assignees (job roles or users) are associated with cost rates.
    Estimate at Completion

    Represents the projected total cost of your project or task when it completes. This is set up at the system level by your administrator, but you can also edit it at the project level. Consider selecting one of the following options:

    • Calculate at Project Level: EAC for the parent task and project are determined by entering the actual hours/ actual labor cost into the EAC Formulas. This calculation includes Actual Hours/ costs and expenses added directly to the parent task or project.
    • Roll up from Tasks/ Subtasks: EAC for the parent task and project are determined by summing up the EAC for each child task. This calculation excludes Actual Hours/ costs and expenses added directly to the parent task or project.
    BudgetSpecify the budget for this project.
    Fixed CostSpecify the fixed cost for this project. This should not include any labor or expense costs.
    Fixed RevenueSpecify the fixed revenue of this project. This should not include revenue coming from any billing records billed to partners or third parties.
    Project CurrencySpecify a currency for this project, if it is different from the default currency in your system. The default currency in your system is defined by your Workfront administrator. For more information about setting up exchange rates in Workfront, see the article Set up exchange rates.

  6. Click Save Changes.

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