Project Expenses

OVERVIEW

In Project Management, so much of the success of a project is determined by utilizing metrics around expenses.  The difference between budgeted expenses and actual expenses can be tracked throughout a project and reported on over time and in different areas. By creating cost areas and entering values on the Financials page, it is possible to forecast budgeted expenses for upcoming projects and record actual expenses as they occur while executing the projec

AREA SETUP

Area Setup is where an organization can define cost structure. In order to associate budgeted and actual expenses (See Expense Object), Areas must be defined within Cloud Coach.

The Area Object offers two record types to define expenses; Benefits and Costs.

To customize your internal cost areas using Cloud Coach, you have the ability to add and remove Areas and Sub-Areas.

The red highlight shows what is pending removal
The yellow highlight shows unsaved changes

When changes are complete, click save.

EXPENSE OBJECT

Whether an expense is Budgeted or Actual, by default, expenses can only be associated at the Project level.

Expenses are involved in the calculations under the Finances section of the Project Alerts & Details page of a Project. The impacted fields are:

  • Total Budgeted Expenses
  • Total Actual Expenses
  • Total Budgeted Costs
  • Total Actual Costs

ENTER EXPENSES

Expenses can be entered by type; CAPEX or OPEX.

CAPEX – (Capital Expenditure) The money a company spends to buy, maintain, or improve its fixed assets, such as buildings, vehicles, equipment, or land.

OPEX – (Operating Expenditure) The ongoing cost for running a product, business, or system.

There are three ways to add expenses on the Project Financials page:

Click any value to enter Expense values. Category and Date can be used to create detailed records.

Expenses can be added from either the Summary or Expenses sub-tabs using the Add Expenses button in the upper right of the page header. In order to enter data in these fields, the user must expose the CAPEX and OPEX options at the top of the Total column.

The New Expenses overlay fields define expense type, cost area, date, amount, and description. Record Owner is the user who created the expense.

Expenses are entered into cells in a grid layout. This will allow for multi-cell entry that is a familiar experience for users who have worked in spreadsheets in the past.

To enable this functionality, select the financials tab, select the “Single Monthly Budget” checkbox on the Details tab of the side panel.

When the editing indicator has changed from red to green, Budgeted Expenses may be input directly into cells on the Expenses tab.

When expenses are saved, the new values will be reflected on the Project Detail Page – Total Budgeted Expenses, Total Actual Expenses, or Total Budgeted Costs fields respectively. If several expenses are created, those fields will aggregate values. To see a breakdown of the created expenses, navigate to the Expense Related List.

Actual expenses are reflected in the Total Actual Expenses field, but also in the Total Actual Costs field. Total Actual Costs also includes the actual costs of a resource’s time based on that resources Rate ($/hour) and the amount of entered hours they have recorded against a Project Task, Project Phase, Ticket, or Project.

Budgeted expenses are reflected in the Total Budgeted Expenses field, but also in the Total Budgeted Costs field. Total Budgeted Costs field also includes the budgeted costs of a resource’s time based on that resource’s rate and the estimated hours of the project.

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