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Planview Customer Success Center

Set manually Project Cost and Revenue

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In the early stages of financial tracking, Project Managers may want to start capturing on a high level a project’s budgeted cost and expected revenue.

When setting up manually aggregated Project budget and Actual effort, there is no worry about creating work plan, estimate, and defining rates. It can be very useful to get quickly financials data when for example you are at the stages of a PID (project initiation document) submission. AdaptiveWork will automatically calculate the expected margin, CPI, budget status, other tracking indicator, and Profit values.

           

Prerequisites

f you can't configure your organization system settings or set User permissions, contact your administrator to ensure that the following prerequisites are met.

Enabled system settings

  • Enable the system settings 9.1: Budget Management. Defines whether to activate the budget module which enables budgeted cost and actual cost management
  • Enable the system settings 9.3: Projects are Billable by default. Defines whether projects are billable by default, where revenue fields and variances are calculated.

User Permissions and Profile

  • Enable the Financial permissions for Users so that they can access financial fields and the financial planning view
  • Ensure the User Profile Property Card includes a Financial section with the following standard fields: 
    • Budgeted Cost, Actual Cost, CPI
    • Expected Revenue, Actual Revenue, RPI
    • Planned Profit, Profit, Earned Value, % Profitability

           

           

 

To set manually Project Cost and Revenue

  1. Log in as a Project Manager
  2. Open your project and view its details
  3. Add the Calculate Financials field to the grid and toggle ON at the project level. This will enable the application to run aggregated financials in the background. 
  4. Add the Billable field to the grid and toggle OFF for all work items that shouldn't be included in revenue calculation. Alternatively, you can ask your administrator to uncheck the 9.3 system settings so that you can turn ON only relevant items. 
  5. In the Property card of your project, set manually the Budgeted cost field and Expected revenues field. 
  6. In the Property card of your project, set manually the Actual cost and Actual revenues fields.  

That's it!

AdaptiveWork will calculate automatically CPI, RPI, Planned Profit, Profit, Earned Value, and % Profitability.