ResourceFirst enables you to forecast and capture actual financials for project labor and non-labor costs.
This article covers two areas:
The sourcing of non-labor and labor costs come from different pages:
There are two financial assignment page locations. The descriptions and guidelines in this article apply to both pages with one exception which is the project’s workspace>Financials tab is the location to Post Labor Costs.
From left to right along the grey ribbon near the top of the page:
Follow these steps to create a non-labor financial assignment and update it with either forecast or actual costs.
Step 1 – Add the financial assignment: On the financial assignment page, click the plus “+” icon at the upper left of the page.
Step 2 – Enter the forecast or actual costs: Once the financial row is created, you will find the date columns on the right side of your screen.
Important to first check the value type: The financial assignment page is used to enter and manage both forecast and actual values. Which value type is being shown is determined by what is showing on the far right side of the upper grey ribbon. There you will find a drop down with either Forecast or Actual shown (screen shot below.) When you toggle between both selections the values on page range correspondingly switch.
Screen shot below: Make sure the appropriate value type is displayed when entering your values on the page.
Note that “Revenue” items are excluded from totals on the Financial Assignments page.
There are two methods for importing financial forecasts rather than manually entering them:
ResourceFirst permits you to import financial forecasts and actuals from a .csv. Refer to this article for assistance with properly setting up your import .csv: Export and Import Data
Important to first check the value type: The financial assignment page is used to enter and manage both forecast and actual values. Which value type is being shown is determined by what is showing on the far right side of the upper grey ribbon. There you will find a drop down with either Forecast or Actual shown (screen shot below.) When you toggle between both selections the values on page range correspondingly switch.
Screen shot below: Make sure the appropriate value type is displayed before initiating the import of your values on the page.
ResourceFirst can import financial forecasts or actuals from nearly any corporate system. Work with your PDWare representative to create the automated interface that loads financial actuals from the external financial system.
This feature is currently available only on the project workspace Financial page (accessible by clicking on a project hyperlink and going to the Financials tab).
Post Labor Cost posts the current labor forecast (hours or FTE) into a financial assignment for labor, using the monthly resource rate (upon request, PDWare can set this to use an hourly rate). The built-in functionality posts only forecast. If posting of actuals is desired, your PDWare representative can modify the stored procedure on the back end upon request.
Below are instructions.
Click the Post Labor Cost button.
Select a start date for calculating labor cost from the current skill and resource assignment demand.
If there is more than one Labor assignment on the project, the first one encountered will be updated with the current labor spend forecast. The update is immediate.
For more on labor rates and cost calculations, see Understanding Labor Rates.