Learning Track
This Help Article appears in the Project Management in 10,000ft learning track. Get the most out of this learning track by starting at the beginning.
Create and Manage Budgets
Applies to
10,000ft
This Help Article Appears in the Following Learning Tracks
Budgets
There are three ways to track project progress in 10,000ft: time, currency or expenses. When you are setting up a new project, you have the option to select how you want to track progress for the project.
Time Budgets
10,000ft gives you tools to help you better budget and track projects. You can set up a budget for a project based on time. The time budget is the allocated labor for this project expressed in work hours or days. The hours worked by your team weigh against this budget.
Currency Budgets
10,000ft features tools to help you better budget and track projects. You can set up a project budget based on estimated project fee. The fee budget is the allocated labor for this project expressed in a currency amount. The hours worked by your team, taking their bill rates into account, weigh against the budget.
Expense Budgets
Expenses are non-labor related project costs. In Project Settings, you can create a budget based on project expenses. Examples of expenses are, costs incurred when hiring outside vendors, ordering prototypes or travel costs. Using the Expense Categories you can estimate these costs at the beginning of the project and track incurred expenses according to these categories. Examples of Expense Categories include: Travel, Materials or Consultants.
If project contractors or consultants bill your project a fixed fee for work performed, you may want to add that person as an Expense rather than project labor. First you would estimate the fee and then enter the cost of the consultant when you receive the invoice.
Budget by Category
Budget categories are used to divide up costs to create estimates and to track costs towards these categories. When you add a predefined expense category you will see the suggested cost for that category. Using the calculator, you can quickly set the cost for that line item. For example, you might want to estimate travel expenses for a project using the expense tracking tool or budget the time you anticipate needing for marketing, billable tasks or meetings using the fee or time tracker.
Budget Calculator
The budget calculator allows you to multiply units to budget your projects.
