Standard Budgets

A Standard Budget is built up by entering hours and the value of those hours, broken down by Position and by Activity/Expense.

The Budgets section of the Project Details tab enables you to configure the templates for the various budget types.

To create a standard budget, carry out the following steps:

Open the relevant project.
Ensure that the Budget Type is set to Standard in the Project Details tab.
Open the Budgets tab.

Click ADD to add an activity or expense to the budget. Specify the following information:

Item	Description
Position	The position of employees who will post the relevant activity or expense in the project.
Phase	The phase of the project in which the activity or expense entries will be posted (if applicable).
Activity/Expense	The activity or expense type being budgeted for.
Hours	Number of activity hours, if applicable.
Estimate	Estimated value of the activity or expense, if applicable. In the case of an activity, select one of the charge-out rates set up for the selected position.
Act Pri	In the case of an activity, this optional field enables you to override the charge-out rates set up for each position. To enable the field, select Activity Pricing in the Project Details tab. This adds in the Act Pri (Activity Price) field, where you can enter a charge-out rate for the relevant activity that overrides the position rate. So when an employee posts time in the project under this activity, the charge-out rate applied to the activity will be the value in the Act Pri field, rather than any of the normal charge-out rates assigned to the activity.
Act Cost	This optional field enables you to cost of the relevant activity. To enable this field, select Activity Pricing box in the Project Details tab.

Click Submit.
Repeat the process for each relevant activity and expense. (You can enter as many activities and expenses as necessary against a particular position.)

You have set up a standard budget for the project.

Full budget details can be viewed and printed off by clicking Print Budget.

Alternatively, generate the Budget vs Actual report.