Budget and cost
Set a budget for the project, enter people’s hourly rates, and record expenses. SmartPM calculates labour costs from logged hours; it displays spent amounts, remaining budget, and billable totals to customers on a single screen.
- Budget tab: only the project manager (financial information is not visible to other members)
- Mark time as billable: the person who entered the time
What are budget and cost?
Set a budget for the project, enter people's hourly rates, and record expenses. Who can do it: Budget tab: only the project manager (financial information is not visible to other members); Mark time as billable: the person who entered the time. Labour cost is calculated by multiplying each time entry in time tracking by the person's hourly rate and is updated with every change.
Steps
Open the Budget tab in the project. Fill in the Project Budget, Currency, and Default Hourly Rate fields 1; each field saves automatically when you leave the box.
The boxes at the top show spent amount (labour and expenses), remaining budget, and billable amount 2. The bar shows how much of the budget has been used; it turns yellow when exceeding 80% and red when the budget is exceeded.
In the Labour table, enter the individual rate for people with different hourly rates 3. If you clear the box, the person reverts to the default rate.
Add expenses to the Expenses section with date, description, and amount. Check the Billable box for expenses to be passed on to the customer.
- 1Budget and hourly rate
- 2Spent and remaining
- 3Individual rate
Billable time
When manually adding duration to a card, the Billable box is checked; uncheck it for work not to be passed on to the customer, such as internal meetings. These durations are included in costs but not in the billable amount; "unbilled" appears in the card's time list. Timed durations are considered billable.