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Setting Up a Lump Sum Budget
Setting Up a Lump Sum Budget

Learn how to create a lump sum budget.

Updated over a week ago

When creating a budget in Productive, you may need to set it up as a lump sum budget. This requires a specific configuration to ensure accurate tracking and financial management.

Step 1: Add a Fixed Billing Type Service

First, add a Fixed billing type service that reflects the total amount of the budget. Set Piece as the unit and the quantity to 1.

By disabling both expense and time tracking, you effectively lock this service, ensuring that no additional costs or time can be tracked against it. This allows the service to act as a placeholder for the entire budget amount.

Fixed Service Setup:

  • Unit: Piece

  • Quantity: 1

  • Expense Tracking: Disabled

  • Time Tracking: Disabled

  • Booking Tracking: Disabled

​Step 2: Add Trackable Services

Next, add Fixed services beneath the locked service. These services will allow team members to track their time while maintaining control over the total budget. Setting the quantity to 0 ensures that these services do not add extra budget to the initial lump sum.

Trackable Service Setup:

  • Unit: Hour

  • Quantity: 0

  • Expense Tracking: Disabled

  • Time Tracking: Enabled

  • Booking Tracking: Enabled

Step 3: Monitor Budget Usage

As team members begin tracking their time, the time tracked on these services will be deducted from the total budget (the fist service added), allowing you to monitor how much budget is left at any point in time.

Budget Monitoring:

  • Track time against the enabled services

  • Regularly check the remaining budget to ensure you stay within the lump sum limit

By following these steps, you can effectively manage a lump sum budget in Productive, ensuring accurate tracking and financial oversight.

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