Financial Projections: Budget Summary Tab

The Budget Summary tabenables the firm or office to more accurately monitor planned vs. actual billing by period. It uses projections data and actual billings from the accounting system to compare to the established target office budget from Project Analyzer. The values can be broken down by office and fiscal period.

For information on how target office budgets are created, please see the System Configuration Annual Budgets tab.

Data grid

Following is a list of fields available in the data grid. All fields are read-only.

Data can be grouped, filtered and sorted using the column headers. This allows project managers to quickly view the available information from different perspectives.

Budget Year

The budget year for the budget detail item.

Office

The office associated with the budget detail item.

Period

The fiscal period for the budget detail item. One budget detail item is created per fiscal period per office for each active budget.

Budget

The dollar amount for the budget detail item for the fiscal period. This value comes from the Amount column on the System Configuration Annual Budgets tab.

Actual (dollars)

The actual amount billed for the budget detail item to date from the accounting system or Project Analyzer as indicated by the Actual checkbox.

Billing amounts originate from Project Analyzer when a schedule is present in Project Analyzer for the given phase.

Backlog

Backlog is generated when the actual billing amounts as entered in Project Analyzer are less than the percentage of the phase that is expected to be billed in that period based on the schedule complete percent. For example, a phase that has only billed $40,000 to date that has a schedule complete value of 50% with a $100,000 budget for the budget detail item would show a backlog of $10,000.

Actual/Projected

The actual amount projected to be billed for the budget detail item for the fiscal period. This value originates in Project Analyzer when a phase has been scheduled or in the accounting system when a phase has not yet been scheduled as indicated by the Actual checkbox.

Actual (checkbox)

Indicates whether the value in the Actual/Projected and Actual (dollars) columns are based on actual billing information from the accounting system or is based on projections data from Project Analyzer.

Variance

The difference between the Budget and Actual (dollars) values. Calculated by subtracting the value in the Actual/Projected column from the Budget column value. The actual amount is used for the current and prior periods. The projected amount is shown for the next period and is available when entered on the Billing tab.

Notes

Any notes entered for the budget detail item in the Notes field on the System Configuration Annual Budgets tab.

Additional Fields

The field chooser contains additional columns which may be added to the grid. For the Budget Summary Projections tab these columns are:

Active. Indicates whether the selected budget is active. Only one budget per year is set as active at any given time. This setting comes from the System Configuration Annual Budgets tab.

Toolbar

For information on the options available in the toolbar, please refer to Financial Projections: Toolbar.

To access this tab

Click Projections from the Reporting section of the ribbon bar Home tab, then click the Budget Summary Projections tab.