Project Financials

This article describes the uses and features of the Detail mode Project Financials page.

Overview

The Financials ($) page in project Detail mode is similar to the global Assignments>Financial page except in two respects.

The Detail mode Financial page

• Has assignments for the selected project only
• Has the Post Labor Costs button,  IF the system configuration is to NOT automatically calculate labor cost on financial pages.

[See Administration>Settings>Algorithms page, section Financial Labor Algorithm, uncheck the Use Financial Labor Algorithm checkbox.]

Users with project edit rights can create the non-labor financial plan for the selected project on this page. They simply add assignments of financial non-labor items on the page.

In addition to the non-labor assignments, there are (or can be) read-only calculated labor cost assignments created by ResourceFirst from a labor rate and the forecast demand on labor assignments. The labor cost assignments are rolled up from the labor assignments according to the administration Financial Labor Algorithm.

For example, if the Financial Labor Algorithm is just Assignment OBS and there are 15 labor assignments from three different assignment OBS’es, then there will be three labor cost assignments on the project financial page.

Automatic versus Manual Post Labor Cost

If the Use Financial Labor Algorithm checkbox on the Administration>Settings>Algorithms page is checked, the all labor assignments are automatically summarized to labor cost assignments on financial pages.

If it is unchecked, a Post Labor Cost icon appears on the project Detail mode Financial ($) page page toolbar.

“Post Labor Cost” posts the current labor forecast demand multiplied by the labor rate to automatically created summary Financial Labor assignments.
(Since this is a manual process done one project at a time, it is NOT recommended.)

See the article Understanding Labor Rates for how rates for assignments are determined.

[Note: The financial (or Non-Labor) date range is independent of the labor date range. You can be working with week or month granularity on skill or resource assignments and with quarter or year granularity on financial pages.

How To

Add a Financial Assignment

Step 1: Click the plus + icon at the upper left of the page.

Step 2: Select the Cost Center for the assignment from the OBS drop-down in the dialog.

[Note: Depending on how the environment was configured, the OBS for financials may be identical to the resource OBS or may be a separate Cost Center OBS.]

Step 3: Select one or more financial items and click the Add & Close button.

Click on the Add button to add selected items to the page and leave the dialog open. This is useful if you are making financial assignments under more than one OBS node. Click Add, change the node, select items, click Add, change node select items, click Add & Close.

Step 4: Enter financial values in periods for the new assignment(s).

Step 5: Click the Save icon.

Delete an Assignment

Step 1: Select the checkbox at the left of the row(s) of assignment(s) you want to delete.

Step 2: Click the Trash Can icon at the top left of the page.

Enter Financial Actuals

If you do not have an automated interface to load financial actuals from an external financial system, financial actuals can be entered manually on either the Detail or Financial Area financial page.

Step 1: Click the Value Type drop down and select Actual.

Step 2: Enter actual values.

Step 3: Click the Save button.

Post Labor Cost

This feature is currently available only on the project Detail mode Financial page.

Step 1: Drill down to the Detail mode Financial assignments page for the project.

Step 2: Click the Post Labor Cost button.

Step 3: Select a start date for calculating labor cost from the current skill and resource assignment demand and click the Post button.

 

[RESULT SS]

For more on labor rates and cost calculations, see Understanding Labor Rates.