Budget

Within Advanced Projects you are able to select from 4 different budget types depending on how you want to charge for the Project. 

Rate Only – A rate for the project has been given but no timeframe. 

Price only – A set price is provided for the project.  While a potential time frame can be given, if this goes over or under, the price remains the same. 

Time and rate (Budget) – A rate is provided along with a timeframe. 

Time only – this allows you to track how long a project takes. 

If you select ‘Time and Rate’, on the Main tab of your project you will have additional sections showing Progress, Budget Details, Spent Time Details and Approved Delivery Time Details.  These help track how the Project is going. 

Depending on the Budget Type you have selected, you may need to add a budget.  This is done on the Budget tab by pressing ‘Add Budget’.  The window that opens will vary slightly depending on which one has been selected. 

For ‘Time and Rate’ you will be able to add the units time will be measured in, your rate per unit, the number of units, a name and description.  If you change the units, this will be reflected in the rate and number. 

You can have multiple budget records.  This can be used if you are charging a number of days at one rate and some days at another rate (if they are getting free days then you would state the number of days and put the rate as 0).  Once the budget(s) has been set, when looking at Project Tasks, you can see the Total number of days, how many have been allocated and how many are remaining.  These values automatically update when changes are made. 

With ‘Rate only’ Projects you are only able to add 1 Budget where you will need to put a ‘Rate per unit’, Name and Description.   

There may be a situation where some Team members have a different rate compared to the rest of the team.  This can be changed by going to the Team tab and selecting the team member who has a different rate. Alternatively this can also be done on a Role level by pressing ‘Manage Roles’. 

For ‘Price only’ and ‘Time only’ Projects, a budget and rate do not need to be added.