Use the financials tab to get a quick snapshot of how each stage is progressing by comparing the fee value to budgeted value, invoiced value, profits, or costs.
Setup required before use | Who can use it? | Where is it? |
N / A | Project manager* Director access Assistant administrator System administrator
*Project managers can only view standard costs. Directors and above can view actual costs. | Open Project > Financials tab |
Actions available
The profit calculation requires the cost values, and will be altered based on which cost you have selected to view using the cost toggle - e.g. standard or actual cost. The profit values are calculated as:
Profit = (invoice value - cost) / (invoiced value)
This is also known as Gross Profit. This is shown as profit in the project financials and in reports.Markup profit = (invoiced value - cost) / (cost)
This is shown in Synergy reports only.
Example
The stage concept design has an invoiced value of $14,000.00, with an actual cost value of $4650.00. The profit values are calculated as follows for this stage:
$14,000.00 - $4650.00 = P / L $9350
(($14,000.00 - $4650.00) / ($14,000.00) x 100) = Gross profit % of 66.79%
(($14,000.00 - $4650.00) / ($4650.00) x 100) = Markup profit % of 201.08%
Tip: Markup profit is available in Synergy reports only. View the Gross profit in the project financials and in Synergy reports.
Review the table below to see how the results in each of the profitability views are calculated.
Profitability view | Revenue $ | Billable WIP | Revenue cost | WIP cost | Profit |
Profit including revenue | $5400.00 | n/a | $400.00 | n/a | $5400.00 - $400.00 = $5000.00 |
Profit including billable WIP and revenue | $5400.00 | $2742.50 | $400.00 | $2194.00 | $5400.00 + $2742.50 - $400.00 - $2000.00 = $5742.50 |
Tips:
Revenue = Original invoice value less any cancel or discount credit notes.
Billable WIP = The sum of the charge value for transactions that are at WIP, or the cost of the transactions that are at WIP. Items in WIP are transactions at either WIP or Draft invoice status.
The costs and profit change in the view to include or exclude the Billable WIP items.
Revenue costs includes transactions that are at either invoiced status, or written off status.
Use the list views to alter which columns are shown in the list for the stage level financials. Select the 'default' view in the top left corner to see the other available views. The stage name is shown in all the views. The other available views alter the columns in the list.
Progress view the financial summary for the project to let you track the progress of each stage using the stage fee / cap, invoiced, cost, charge and residual value columns.
Recovery view the total value invoiced to date for each stage, the total chargeable value of the invoiced and written off transactions for the stage, compared to the invoice mark up / down. Check amount of the chargeable value that was recovered by invoicing the client.
Profitability the profitability of each project stage to date, shown to be including the invoiced and written off transactions, or using the value from the invoiced, written off, and WIP transactions. Example of how this is calculated is outlined in the profitability views section above.
Tip:
Switch between 'standard' and 'actual' costs using the toggle at the top of the page. Actual costs are only available to view for Director and System Administrator access levels. This applies to any list view where costs are shown. Learn more about this in the security matrix overview.
Project financials show the 'gross profit'. Synergy reports show the 'markup' profit and the 'gross' profit (in columns labeled profit).
Search
When a large number of stages exist use the search to limit the number of rows shown in the list.
Search by clicking the button and typing the keyword into the search box. To return to seeing all items in the list click the clear button in the search bar.
Tip: Learn more about searching with the list search or the global search.
Filters
Filter the list by selecting the search button. Select a filter from the drop down list and click the search button to apply the filter. The filter options are:
Stage status - Limit the stages shown in the list by filtering on the stage status. e.g. View all stages at 'Active' status. Learn more about status options.
Tip: Return to the default view by choosing the clear button in the search bar.
Columns available
Phase / Stage Stage name is shown. If phases are on in the work breakdown, then a blue grouping of stages is shown for each phase along with the name of the phase. Phases are only available in Synergy Business and Enterprise products.
Fee type The fee type for the stage is shown as setup in the work breakdown. Fee types control how the stage is invoiced. Learn more about fee types.
Status The current status for the stage. Learn more about project status options.
Fee / Cap This is the total fee / cap value for each stage, and is shown for all stage status options. For stages with the fee type of fixed fee or percent of project, this is the total fee value entered against the stage in the work breakdown. For hourly rate fee type stage, this is the value of the transactions in WIP (WIP is WIP and draft invoice status transactions) and the invoiced value for the stage. For the capped rates fee type stage, this is the cap value entered in the work breakdown. Learn more about fee types.
Agreed fee / Cap The agreed fee / cap column is blank / zero when the stage is at proposal status, and is populated once the stage is at an Active status (or higher). If the project / stage is changed to 'Unsuccessful status' then this is also blank / zero. The agreed value is entered on the stage for 'fixed fee' and 'percent of project' fee types. For hourly rate fee type stage, this is the value of the transactions in WIP (WIP is WIP and draft invoice status transactions) and the invoiced value for the stage. For the capped rates fee type stage this is the cap value entered in the work breakdown. Learn more about fee types.
Net invoiced (ex tax) Net invoiced value is the original invoice value less any cancel credit notes. This is the total value invoiced for the stage to date, at an excluding tax value. Invoices are included in this total once they are finalized, draft invoices are excluded.
Invoiced % The percentage of the stage that is complete, when comparing the agreed fee / cap for the stage to the net invoice value. Invoiced % complete = net invoiced value divided by agreed fee / cap x 100. The invoiced % is only show for the fee types 'fixed fee' ,'percent of project', and 'capped rates'.
Residual Residual = Agreed fee / cap less the Net invoiced value. For 'fixed fee' and 'percent of project' and 'capped rates' fee types this is the stage value available to invoice calculated as (agreed fee / cap - net invoiced value). For 'hourly rate' fee types this is the value that could still be invoiced in the future for the stage - the WIP charge value.
Total cost The total cost value for the stage, for all the transactions attached to the stage. This is looking at the value of all transactions status options: WIP, Draft invoice, Invoiced, Written off. Toggle between viewing the cost as a standard cost or actual cost result. Learn more about standard and actual cost.
Total value The total recommended charge-out value for all the transactions attached to this stage. This is looking at the value of all transactions status options: WIP, Draft invoice, Invoiced, Written off. The formula is for time / travel / office item = (hours / units entered x charge out rate). For expenses supplier / subcontractor / cash types = (expense value x markup rate). For inspection rates = (each day time is entered against is 1 unit x charge out rate). The rate value or markup is setup in Settings > Financial > Rates, and the rate can vary if rate groups have been applied to the stage.
WIP cost Cost for the work in progress (WIP) transactions that have not yet been invoiced, or written off. WIP includes transactions that are at WIP and Draft invoice status. Toggle between viewing the cost as a standard cost or actual cost result. Learn more about standard and actual cost.
WIP charge The chargeable value of the non-invoiced transactions for the stage. WIP includes transactions that are at WIP and Draft invoice status. The formula is for time / travel / office item = (hours / units entered x charge out rate). For expenses supplier / subcontractor / cash types = (expense value x markup rate). For inspection rates = (each day time is entered against is 1 unit x charge out rate). The rate value or markup is setup in Settings > Financial > Rates, and the rate can vary if rate groups have been applied to the stage.
Net residual The outstanding value of work which is still available 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.
Invoiced charge The chargeable value of the invoiced and written off status transactions for the stage. The charge value column is used to see the total possible value that could have been invoiced to the client for the work completed.
Revenue total (ex tax) This is the invoiced value for each stage, less any discount credit notes or canceled invoices. The revenue invoice value shown is an excluding tax value. This is the value used to calculate markup.
Mark up / down The total value for the stage of any discounts or surcharges that have been applied in the invoicing process. Mark up / down = Revenue total ex tax less Invoiced charge.
Recovery % The amount of the work for the stage that was recovered from the client via the invoices to-date. This is the Revenue total ex tax divided by the Invoiced chargeable value x 100.
Revenue + WIP This is the invoiced revenue value for each stage (original invoice value less any discount credit notes or canceled invoices) plus the chargeable value for any transactions for the stage that are in WIP (WIP or Draft invoice status transactions). The revenue invoice value shown is an excluding tax value.
Costs Switch between seeing the costs for the invoiced revenue total ex tax, and the revenue + billable WIP. The invoiced revenue cost reflects the items that are either invoiced or written off, and the billable WIP includes the items that are either at WIP or draft invoice status for the stage. Toggle between viewing the cost as a standard cost or actual cost result. Learn more about standard and actual cost.
Profit Switch between seeing the profit value for the invoiced revenue total ex tax, and the revenue + billable WIP. The invoiced revenue profit reflects the items that are either invoiced or written off, and the billable WIP includes the items that are either at WIP or draft invoice status for the stage. Profit = Revenue less costs. The gross profit is shown in the project financials tab, the profit margin is available to view in Synergy reports. Learn more about gross and markup profit calculations.
Profit % View the gross profit for the stage. This is the (invoiced revenue value - invoiced costs) / (invoiced revenue value). The gross profit is shown in the project financials tab, the profit margin is available to view in Synergy reports. Learn more about gross and markup profit calculations.
Tips:
Change the list view to alter which columns are shown in the financials tab of the project.
Switch between 'standard' and 'actual' costs using the toggle at the top of the page. Actual costs are only available to view for Director and System Administrator access levels. This applies to any list view where costs are shown. Learn more about this in the security matrix overview.
The gross profit is shown in the project financials tab, the profit margin is available to view in Synergy reports. Learn more about gross and markup profit calculations.