Budgeted Time & Costs

Budgeted Time & Costs is a powerful view important for those wanting to create detailed company and client cost budgets (estimates) and for those tracking actual time and costs against estimates.

 

This lengthy topic explains (1) the factors used in calculating estimated company and client costs, (2) how to create a budget (estimated time and costs) for a project, (3) how to edit estimates for multiple projects and task assignments, (4) describes how to review summary cost information for a project, and (5) how to locate (filter) the items which are over budget on time.

 

Notes:

  • Cost and rate details can be hidden from specific users by selecting the appropriate Cost Security options in the Security Groups view.

  • Expense budgets are prepared using the Budgeted Expenses view.

 

How estimated company and client costs are calculated:

Estimated client and company costs are automatically calculated for each task assignment created for a project. These estimated costs are displayed in several key locations within DOVICO Timesheet and in numerous reports. The following defines company and client estimated costs and identifies the factors used in their calculation.

 

 

Estimated company cost is the calculated amount used to determine your company's estimated cost to accomplish a task or project.

For each task assignment, the factors used in calculating estimated company costs are:
 

 

Estimated company cost = (estimate hours + adjusted hours) x rate of wages

 

 

Estimated client cost is the calculated amount used for billing clients (or for charge back) for tasks or projects.

For each task assignment, the factors used in calculating estimated client costs are:

 

 

Estimated client cost = (estimate hours + adjusted hours) x rate charged x task prorating

 

To create a budget for a project:

Prerequisite:

 

Tips:

  • You can alternately create a single, total time estimate for an entire project using the Project Estimate total function.

  • See Hints and Tricks for a way to assign estimated hours at the task level.

 

  1. The Budgeted Time & Costs view is accessed by clicking the Project Workspace button in the Projects section of the side navigation bar and then clicking the Budgeted Time & Costs tab at the top of the screen.

  2. Select the project from the drop-down list located at the top of the window.

    Each task assignment for the selected project is displayed in the grid. For each task assignment, the default budget information is displayed.
     

Note: The number of record rows displayed in the view is limited by the Paging setting. You may need to click the paging buttons or (upper right corner of the screen) to view additional record pages.

 

Details on the budget information displayed

To create a budget, there are five key factors which can be modified.
 

Estimated hours: The estimated hours to complete the task assignment. The estimated hours are displayed to employees entering time as the tasks' budgeted hours. The Estimated hours field is only available for editing when the project status is set to "Estimate".

Adjustments: Additional hours not included in the original estimated hours. Adjustment hours are added to the original estimated hours when calculating estimated costs. The Adjustment field is only available when the project status is set to "Active".

Rate charged: The hourly rate charged (billable rate) assigned for this task assignment. This value is initially set using the rate charged field in the employee's propertieswindow.

Rate of wages: The hourly wage rate (pay rate) assigned for this task assignment. This value is initially set using the rate of wages field in the employee's properties window.

Task Prorating: A multiplier assigned to a task assignment. Used when you charge clients more (or less) for time spent on specific tasks. This value is initially set using the prorating field in the task's properties window.

 

Other information available for editing includes:

WBS code: (Work Breakdown Structure) An alphanumeric code used to represent a task's position within the hierarchical structure of the project.

Task Start and Finish dates: The start and finish dates a task is scheduled to be worked. These are important when you want to prevent an employee from entering time on a task until its scheduled period (see Prevent Entries in the Projects view).

Billable by default: The default selection for the Billable checkbox displayed to the time entry user when this task assignment is selected.

Overtime rate: An overtime multiplier assigned to the employee's rate of wages (pay rate) value. This multiplier is initially set using the prorating field in the overtime rates view.

Client overtime rate: An overtime multiplier assigned to the employee's rate charged (billing rate) value. This multiplier is initially set using the prorating field in the overtime rates view.

 

Information displayed (not editable)

The Actual (h) column displays the total hours submitted by the employee (and approved) for that particular task assignment.

The ETC (h) column displays the estimated hours to complete a task entered by the employee. "N/A" appears when no value has been entered and "Complete" appears when the employee enters 0.

The task description entered by the employee.

 

Note: For projects linked to Microsoft Project, the Estimated hours, Adjustment, WBS, Start and Finish date fields cannot be modified.

 

 

To add or edit each task assignment row's estimated cost:

  1. Click on the task assignment row to edit and click the properties button on the toolbar.

  2. Add (or edit) information in each field as required.
     

    Note: Rate, Cost and Overtime information is only available to users with appropriate security rights.

 

 

To add a client overtime rate to a task assignment:

    1. Click the Add button located to the right of the Client overtime Rates list box.

    2. Select one or more client overtime rates from the popup window and click Add.

To add a company overtime rate to a task assignment:

    1. Click the Add button located to the right of the Overtime Rates list box.

    2. Select one or more company overtime rates from the popup window and click Add.

  1. Click the Next Record button to automatically save the changes and move to the next record. Or click Done to save the changes and close the window.
     

About the Task Assignment Summary information

Actual hours: The actual hours submitted (and approved) for this task by the employee.

ETC (h): The Estimate Time to Complete for this task as entered by the employee.

Actual company cost: The calculated company cost for this task assignment.

Actual client cost: The calculated client cost for this task assignment.

 


 

 

 

To add or edit estimated cost information across multiple projects and task assignments:

  1. Select any task assignment row in the Budgeted Time & Costs view.

  2. Click the Budget Wizard button on the toolbar.

  1. Select the project, tasks and employees for which the estimate modifications will be applied. When the Budget Wizard is initially launched, the lists highlight the project, task and employee originally selected in the grid.

    The list boxes initially display all available projects, tasks and employees. To only view tasks and employees assigned to a specific project, select the project and check the Only view assignments for the selected Projects checkbox.
     

  2. Modify any of the available fields by first selecting the checkbox and modifying the value.


     

Notes:

  • Modifying any of these factors only alters the values for future time entries entered against the specific task assignments selected. The original sources for these various proratings, rates, etc. are not affected.

  • For projects linked to Microsoft Project, the Estimated hours, Adjustment, WBS, Start and Finish date fields cannot be modified.

  • To display the tasks linked to Microsoft Project within the Task list, first select the project linked to Microsoft Project in the Project list and then check the ‘Only view assignments for the selected Projects’ box.

  • Rate information is only available to users with appropriate security rights.

 

  1. Click Apply to update the estimate information.

 

To edit a single task assignment's estimated cost:

  1. Select the project from the Project drop-down list near the top of the view.

  2. Optionally select an Employee and Task from the drop-down lists at the top of the view to further narrow the information displayed in the grid.

  3. Click the task assignment row to edit.

  1. Click the Properties button on the toolbar.

  2. Modify any of the available fields:

Notes:

  • Modifying any of these factors only alters the values for future time entries entered against the specific task assignment selected. The original sources for these various proratings, rates, etc. are not affected.

  • Rate, Cost and Overtime information is only available to users with appropriate security rights.

 

  1. Click Done to automatically save and close the window.
     

Tips:  

  • Use the Show/Hide column function to personalize what information is displayed in the Budgeted Time & Costs view's grid.

  • Double click an item in the grid to see that item's properties .

 

 

To review a project's estimated vs. actual time and costs:

  1. Select the project from the Project drop-down list near the top of the view.

    The project time and cost summary information is displayed at the top of the screen. It compares estimate and actual values for Total Hours, Company costs and Client costs.
     


 

Notes:

  • Company or Client costs are only displayed to users with appropriate security rights.

  • The "Actual" data displayed in the Project Summary area includes any time entries added to the project using the Time Calendar view. When a manager or system administrator uses the Time Calendar view to enter time for an employee, time may be added against a task which is not assigned to this project. Because there is no assignment for this project/task/employee combination, no budget exists for this assignment and therefore no actual hours are displayed in the Budgeted Time & Costs view. This can explain why the sum of the hours in the Actual hours column may not add up to the actuals hours displayed in the Project Summary area.

  • Detailed actual vs. estimate reports are available from the Reports Explorer view.

  • Modifying the information displayed in the grid by using the Task or Employee drop-down lists does not alter the Project Summary information.

 

 

To locate task assignments which are over budget on time:

 

Note: The budget filter determines which task assignments are over budget on time. To review task assignments which are over budget on costs, you can use one or more of the available Client and Company cost reports.

 

  1. Select the project from the Project drop-down list near the top of the view.

  2. Click the Filter button on the toolbar to display the Budget filter window.

  3. Check the Hours over budget box to see all task assignments that have Actual hours greater than estimated + adjusted hours.
    or
    Check the Projected hours over budget to see all task assignments that have Actual hours + ETC greater than estimated + adjusted hours.

 

You can also use this filter to view task assignments that have no ETC or no budgeted hours (estimate or adjusted hours).

 

Note: When more than one box is checked, the filter returns only the data that matches all the selected criteria (an AND operation).