Edition: Business, Enterprise
User-level: Director and System Administrator*
Previous steps:
*Permissions can be controlled via Security Matrix
Use the Project Financials tab to use a selection of 3 reporting list views to get a snapshot of how your project is performing, along with cost and profitability details.
By default, Project Manager staff can see only standard costs, and Director and Administrator staff can see both the standard and actual cost options. Toggle the list between the different cost and profit reporting options to compare the results
Where are the project financials reports?
From the project:
Project menu > financials > project financials
You can change between the views using the menu in the top left-hand corner
Filtering the project financials views
To filter the project financials select the magnifying glass in the top right hand corner
Filters:
Stage name:
Fee type:
Status:
Cost Centre:
Discipline:
Progress view
The first of the 3 views allows you to track the progress of each stage and the value of work left to do, including stage fee, invoiced, cost and residual.
Use the Values and Costs widget to determine what is shown on the report. The dark blue box is what is currently selected.
Values
This determines what populates the cost and charge columns as seen below
Totals –The Cost and charge column will include the value of all transactions on the stage.
WIP – The cost and charge column will include the values of all transactions on the stage that have a Wip status
Costs
This determines what cost values populate the cost column.
Standard costs - The baseline or lowest suggested value that each rate or expense item should be charged out at on an invoice and still make a profit. This is calculated as the staff charge out rate minus the target profit margin.
Actual costs - Uses the actual cost details as seen in the staff costs. This is based on staff salaries and overhead costs.
Columns
Phase/stage: Stage name is shown. If there are phases, these will appear in blue along with the name of the phase.
Fee type: The fee type for the stage is shown as setup in the work breakdown.
Status: The current status for the stage.
Fee/cap: This is the total fee / cap value for each stage, and is shown for all stage status options. For fixed fee or percent of project stages, this is the total fee value entered against the stage in the work breakdown. For hourly rate stages, this shows the value of 'WIP or 'Draft Invoice' status transactions. Capped rates stages will show the cap value for the stage.
Agreed fee/cap – The Agreed fee/cap column will only populate when the stage is 'Agreed' i.e it has a status of active, pending invoice, on hold or complete.
Net Invoiced – The total of all invoices This excludes drafts but includes cancelled invoices, credited invoices etc. This can result in the value being larger than the Agreed fee/cap value.
Residual = Agreed fee / cap less the Net invoiced value. For 'fixed fee', 'percent of project' and 'capped rates' fee types this shows how much of the fee is remaining to be invoiced. For 'hourly rate' fee types it shows the charge value of transactions with a status WIP.
WIP/Total cost: This changes from WIP to Total depending on the value selected at the top of the financials screen and on the costs value selected.
WIP/Total charge – This shows the charge value of transactions and changes whether the Total or WIP values widget is selected.
Net Residual – The outstanding value of work still to be completed and invoiced for the stage. Net Residual formula is = (Agreed fee / cap - net Invoiced - WIP charge). *As agreed fee / cap is used in this formula, this column is not populated when the status of the stage is proposal or unsuccessful*
Recovery view
View the chargeable value for each stage that has been recovered through invoicing.
Columns
Phase/stage: Stage name is shown. If there are phases, these will appear in blue along with the name of the phase.
Fee type: The fee type for the stage is shown as setup in the work breakdown.
Status: The current status for the stage.
Invoiced charge – The chargeable value of all transactions on the stage with a status invoiced or written off.
Revenue total ex tax - The invoiced value for each stage less any discount including credit notes or cancellations
Mark up/down - This shows whether the stage has been invoiced for more or less than the invoiced charge. It is calculated as Revenue - Invoiced charge
Recovery % - The percent of chargeable work for the stage that has been recovered from the client via invoices to-date. This is calculated as Revenue Total Ex Tax/ Invoiced Chargeable x 100
Profitability view
The profitability view shows the profitability of each project stage to date.
Use the Profit including and Costs widget to determine what is pulled through to the report.
Profit including
This determines what is pulled through to the revenue, costs, profit and profit % column.
Revenue – The revenue column will only pull through the invoiced value and the costs profit and profit percent will
Revenue billable WIP – The profit will include invoice transactions and billable transactions with a status WIP or draft invoice.
Costs
This determines what cost values populate the cost column.
Standard costs - The baseline or lowest suggested value that each rate or expense item should be charged out at on an invoice and still make a profit. This is calculated as the staff charge out rate minus the target profit margin.
Actual costs - Uses the actual cost details as seen in the staff costs. This is based on staff salaries and overhead costs.
Columns:
Phase/stage: Stage name is shown. If there are phases, these will appear in blue along with the name of the phase.
Fee type: The fee type for the stage is shown as setup in the work breakdown.
Status: The current status for the stage.
Fee/cap: This is the total fee / cap value for each stage, and is shown for all stage status options. For fixed fee or percent of project stages, this is the total fee value entered against the stage in the work breakdown. For hourly rate stages, this shows the value of 'WIP or 'Draft Invoice' status transactions. Capped rates stages will show the cap value for the stage.
Agreed fee/cap – The Agreed fee/cap column will only populate when the stage is 'Agreed' i.e it has a status of active, pending invoice, on hold or complete.
Revenue total ex tax - The invoiced value for each stage less any discount including credit notes or cancellations
Profit – This will change depending on the profitability view and costs view you're in. It is calculated as Revenue - Costs
Profit % - This will change depending on the profitability view and costs view you're in. It is calculated as (invoiced revenue value - invoiced costs) / (invoiced revenue value)
Understanding the terminology used in the financials reports is crucial to understanding your project financials.
Where to next?
What other features does this relate to?