Budgets can be created in two different ways:

  1. After the sales deal is won

  2. Directly from the project

After the sales deal is won

A deal is a term we use for a pitch that can turn into a project but it's still in the sales phase. Here you can add all the services you'll sell to your client with the rate/prices for those services along with estimates for your internal purposes. Click here to learn about adding services to deals.

When marking a deal as won there is an option to create a new project, add budget to an existing project or you can set your deal as won, but not create a project.

When creating a new project, the predefined budget will be shown in your project details, and you can edit that or create a new budget.

Directly from the project

You can also add a new budget directly to an existing project while you're on the Project page. A predefined blank budget with open hours and expenses will show up. This allows the employees to track time against services in that budget even the rates are still not defined.

You can edit predefined budget or create a new one. To create a new one click on the +Budget button.

Give a name to your new budget and hit the Create budget button.

Budget breakdown

  1. Services

You firstly need to defined which Services you will offer to a client and at which rate/price. People working on a project will also track their time against services defined in the budget.

You can add discounts and track expenses you might have on a project (you hired a contractor, bought licenses or paid for catering).

Go to Budgets tab and click the + button.

Give a name to your new budget and hit the Create budget button.

Services

If you're creating a budget manually (not from a deal that was won), first thing you'll need to do is to add Services.

Services define what type of work you do for a client. Also, people working on a project track time against them. You can add Hourly priced or Fixed price services.

Another type of financials you can add to a budget are Expenses. Use this option if you're focused on selling or reselling services or products (usually for a fee) rather than on time tracking.

Time warning

Keeping an eye on the time spent on a budget is very useful information. You could burn 70% of the hours estimated for the budget and not know about it. And maybe you're going to need more hours to finish the work than you thought in the first place.

Turn on Time warning for a budget if you want to get notified when it's close to being completely burned.

Put down a threshold after which you want to be notified. You'll get an e-mail when billable hours reach the percentage of estimated hours you set up.

Only the budget owner will be notified with a time warning. Even if the project manager and budget owner are not the same people, the project manager will not receive the warning.

You can also change the budget's currency or the date for which time period the revenue and costs are reported in.

Make sure you keep all the financial information in the budget accurate (services, discounts, expenses) otherwise your profit and revenue figures won't show the real balance.

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