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Set or Update Time-phase Financial Data using Workflow Rules

What's New

A new Set Financial Timephase Data action is available in Workflow rules and Custom Actions.
This action allows you to insert and update ("upsert") non-labor resources time-phased financial data.

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Benefits

  • Drastically simplify working with financial data from across the system, into time-phased project financial plans

    Example use cases include:
    • Add high-level 10 year Capex spend estimates from a project's business plan to automatically create a yearly budget projection spread evenly across quarters and months
    • Update monthly actual costs from expenses or custom object data interfaced by financial systems
    • Model complex revenue recognition forecasts

How it Works

3 coordinates are needed to set your financial data:

  1. Work Item (Project, Milestone, Task)
  2. Non-Labor Resource
  3. Date / Date Range

You don't need to know if the Resource and Work Item are linked, or if there is data already in the time period specified.

  1. Create a new configuration (Workflow Rule, Custom Action, etc.), and in Set Actions, select the Set Financial Timephase Data action.
  2. Existing Data Values:
    • Replace - Updates and replaces existing selected data fields
    • Increment - Updates existing selected data fields with incremented values
      Note: In both cases, unselected fields are skipped.
  3. Period:
    • Given - Define a period to apply to the action
    • Fixed - Define a start period, period type, such as calendar month/quarter/year or fiscal month/quarter/year
      Note: In both cases, the financial timephase data field amounts defined in the steps below will be spread equally, by month, across the period you define
  4. Set the Non-Labor Resource
  5. Set the Work Item.
  6. Enter the timephase data field and amount, e.g. Budget Cost, Forecast Revenue, Actual Cost

Example #1: Set a 10 year CAPEX Budget Cost project of $100,000 on project creation

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Example #2:

Add to a Project Actual Costs from a Custom "Actuals" Object synced with a Finance system

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