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How to Set up a Budget Using the Simple Budget Editor?
How to Set up a Budget Using the Simple Budget Editor?
Updated over a week ago

Creating budgets is an essential aspect of project management, and with Productive's Simple Budget Editor, the process becomes efficient and straightforward.

Here's a step-by-step guide to setting up a budget using the Simple Budget Editor!

1) Enable the Simple Budget Editor

To access the Simple Budget Editor, check the designated box during budget creation in the Budget Wizard.

The default status of this checkbox depends on your settings in Settings > Budget.

2) Choose the Budget Type

In the Simple Budget Editor, you have three budget type options: Time and Materials, Fixed Price, and Non-billable.

Each type serves different purposes, catering to various project and invoicing needs. Check out the hyperlinked articles for more insight into each budget type.

Note that if you are setting up an internal budget, you'll only be able to add Non-billable budget services since internal projects are not intended to be billed to clients and only incur costs.

Important: When creating a budget with the Simple Budget Editor, you cannot combine different billing types. Each service line item in a budget must have the same billing type (either Time and materials, Fixed, or Non-billable).

3) Set up Services

Select the specific service types to include in your budget.

Based on your budget type and selected billable rates, the services section adjusts to allow for customization, including assigning team members, allocating non-billable hours, and defining the service budgets respectively.

You also have the flexibility to rename the services section by hovering over the "Services" section name.

Additionally, you can add a custom service name alongside the service type.

Tip: If you feel the Simple Budget Editor is too restrictive and you want more freedom over service line items, such as adding different budget types to your budget, feel free to switch to the advanced budget editor at the bottom of the screen from the Simple Budget Editor.

4) Customize Billable Rates and Budget Estimates

Under each budget type, customize billable rates for your team and services. Additionally, set budget estimates, such as total hours per budget, total price per budget, hours per service, or budget per service, to effectively track project progress.

For more information on each of these options in different budget types, head over to the Time and Materials, Fixed Price, and Non-billable budget type articles.

Tip: When setting up a Time and Materials budget, checking the "Fixed cap" box locks the budget at the desired amount, thus restricting the amount you can invoice to your client, even if you go over budget and log more hours than your initial estimate.

5) Manage the Expenses Budget

Account for any expenses related to your budget in the budget expenses section.

Choose from different expense billing types, including Time and materials billing type expense, Fixed billing type expense, and Non-billable expense type, depending on your project requirements.

6) Save the Changes

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