Practice CS: How to enter project budgets (2024)

Practice CS provides the ability to add budgets on Projects or their associated tasks. Budgets are expressed in the hours expected to complete a project or task and the dollar amount those hours represent.

Budgets are helpful for staff to see how much time a specific job is expected to take. Management can use the budgets to determine resources needed to complete the scheduled and anticipated work and to measure the variance between expectations and actual hours and dollars spent in completing each project.

Budgets may be entered on the project or, if the project has tasks, on each task. The budget for the project is then the sum of the budgets on all tasks. Budgets can be entered on the project template and that budget will then be entered on all projects added from the template. However, budgets are usually entered on the individual projects since budgets will typically vary by client. The process of entering budgets on templates is the same as entering them on individual projects.

Entering a budget at the project level

The project budget is entered under Budget Information on the Main tab of a project, using the following fields:

  • Base on tasks: Check this box if you are going to enter the budget on each task. Do not check this box if you are entering the budget for the project as a whole or there are no tasks.
  • Calculate amount automatically: If this box is checked, the budgeted amount will be entered automatically if there is a specific staff member assigned to the project and a staff rate set on the specified engagement for the client. (Effective date of staff rate must be earlier date than the project due date in order for calculation to occur).
  • Budgeted Hours: Enter the number of hours the project is expected to take.
  • Budgeted Amount: Enter the number of dollars that represent the value of the hours budgeted for the project.

    Note: If Calculate amount automatically is checked, the budgeted amount will be entered automatically if there is a specific staff member assigned to the project and a staff rate is set on the specified engagement for the client. If not, the amount must be entered manually.

  • Actual Hours: The number of hours entered for this project in Time and Expense Entry. This field cannot be changed on the project.
  • Actual Amount: The value of the hours entered for this project in Time and Expense Entry. This field cannot be changed on the project.
  • Est. Remaining: The estimated remaining hours needed to complete the project. This field is calculated by subtracting the Actual Hours from the Budgeted Hours.
  • % Complete: Percentage of the budgeted hours that have been entered for the project calculated by dividing the Actual Hours by the Budgeted Hours. The estimated hours remaining can be adjusted by clicking the ellipsis button Practice CS: How to enter project budgets (2) next to the Estimated Remaining field. A window showing the hours entered for the project and any adjustments made to the remaining hours opens on which an adjustment to the remaining hours can be entered.
  • % Complete: the Actual hours divided by the Budgeted hours. This field can be overridden and will turn red to signify that it has been changed.

Entering budgets on tasks

When Base on tasks is selected on the Main tab of the project, budgets may be entered on each task The budget information on the project will then display the sum of the budget information on the tasks.

Task budgets are entered under Budget Information on each task, using the following fields:

  • Calculate amount automatically: If this box is checked, the Budgeted Amount will be entered automatically if there is a specific staff member assigned to the task and a staff rate set on the specified activity.
  • Budgeted Hours: Enter the number of hours the task is expected to take.
  • Budgeted Amount: Enter the number of dollars that represent the value of the hours budgeted for the task.

    Note: If Calculate amount automatically is checked, the budgeted amount will be entered automatically if there is a specific staff member assigned to the project and a staff rate is set on the specified activity. If not, the amount must be entered manually.

  • Actual Hours: The number of hours entered for this task in Time and Expense Entry. This field cannot be changed on the task.
  • Actual Amount: The value of the hours entered for this task in Time and Expense Entry. This field cannot be changed on the task.
  • Est. Remaining: The estimated remaining hours needed to complete the task. This field is calculated by subtracting the Actual Hours from the Budgeted Hours.
  • % Complete: Percentage of the budgeted hours that have been entered for the project calculated by dividing the Actual Hours by the Budgeted Hours. The estimated hours remaining can be adjusted by clicking the ellipsis button Practice CS: How to enter project budgets (3) next to the Estimated Remaining field. A window showing the hours entered for the project and any adjustments made to the remaining hours opens on which an adjustment to the remaining hours can be entered. See the illustration above

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Practice CS: How to enter project budgets (2024)

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