The budget snapshot identifies a point-in-time record of task dates and budgets. A snapshot is taken at the beginning of the project and again at the end of every month to record the changes in either the task dates or task budgets. The budget snapshot link is located in the left margin when editing a project. After setting the correct attributes on the screen, click on the Snapshot button. Refer to the diagram below.
- Edit the project. Select Budget Snapshots > Add from the left menu.
- In the Effective Through Date field, choose the first day of the project for the initial snapshot.
- Select the check box for Task under METRIC TO SAVE.
- Click Snapshot.
Note: Navigate to Budget Snapshots > Manage to search for and list existing snapshots.
Step 2 – Creating Your Labor Forecasts
Labor and expense forecasts are created using the planning grids. The forecasts establish future anticipated costs on the project and are used to automatically calculate future % Complete on task milestones so that future revenue can be determined. You may recall from the Fixed Price Items section above , “Fixed Price Items”, that % Complete is calculated by dividing accumulated costs on task deliverables by the total budget for those tasks. Unanet has the ability to calculate % Complete from actual costs against budget or a combination of actual and forecasted costs against budgets. Take
In the simple example below. The , the budget for the task deliverable is $500. The task is scheduled to run for 5 weeks and we have just completed the second week of the project (blue section of the table). For the two first weeks, we have incurred $100 a week against a total budget for the task of $500. Since week weeks 3, 4, and 5 (yellow) are in the future, we can leverage the forecasted or planned costs to calculate future % Complete.
Actuals from Timesheets and Expense Reports
Forecasts from Labor and Expense Plans
Cost for Period