Project Financials Overview

FINANCIALS


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

ADDING EXPENSES

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

1. Click to Enter

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

2. Add Expense button

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.

 

The New Expense page has fields to define an expense type, cost area, date, amount, and description. The Owner is automatically defined as the logged in user who created the expense.

 

3. Grid Entry

Cloud Coach can use grid for project Financials. 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.

Considerations: Cells that cannot be edited in this way are still editable in an overlay window when the cell is clicked. And you cannot switch data entry methods once you’ve started entering data in.

In order to enter data in these fields, the user must expose the CAPEX and OPEX options at the top of the Total column.

 

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 costs of a resource’s time based on that resource’s 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.

Tip: Use Financial Snapshots to view historical financial information and compare it against current data. Save data to compare in the future.

FINANCIAL SNAPSHOTS


 

The Financial Snapshot feature allows a user to  compare how financial data changes over time. To use this feature, take a snapshot and use it to view past data against current data and save it for the future viewing.

Financial snapshots can now be taken at any time by utilizing a new Apex Class which can be invoked by an Admin (using Salesforce automation tool Process Builder).

When the Apex class is invoked, the current expense records will be replicated and a percent change over time is displayed in red (00%) on Financials page or Salesforce reporting.

In this example, the “Compare To” field has been selected to display a snapshot. Snapshots are numbered and dated at the time they’re taken and are displayed in the drop-down. In the financial summary tab, the % change is show next to the amount and is color coded to indicate the +/- change.

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