Tracking your project's progress based on task effort could not be easier with automatic tracking of completed tasks.
Take a look at the short video below and/or for more information, please read the full article.
Note: If you have created projects before March 2025, you will notice that in your Project Properties pane, the property Auto-completion (based on tasks and effort) is set to No:
To activate auto-completion for tasks and effort, click the Edit button at the bottom of the project properties pane. Scroll down to the Auto completion (based on tasks and effort) field, select the Yes option and then click Save.
When creating a new project, the auto-complete property can be activated in the Project Quick Setup wizard at Step 2: Setup contract:
When selecting a contract template that is linked to a Plan template, the Auto-completion (based on tasks and effort) option will appear.
Important: Completion Management is only accessible for project managers with access to financials, admins and controllers.
How does the auto-complete for tasks and effort work?
To calculate the percentage of completion based on task effort, each task should have a defined effort, giving each task list an effort total. In the example below, there are three task lists: Front-End Design, Project Management, Development and Testing.
The total task effort for each task list is as follows:
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Front-End Design: 89 hours
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Project Management: 8 hours
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Development: 90 hours
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Testing: 29 hours
As team members work on their assigned tasks, they are eventually marked off as Completed:
The total effort completed for these three tasks is 64 hours out of the total 89 hours for the Front-End Design task list. Therefore, the percentage of completion can be tracked as:
% Completion = Effort Completed / Total Effort x 100
72% = 64 hours / 89 hours x 100
Go to the Contract tab and change the view to Completion Management:
The 72% completion of the three tasks is displayed on the linked contract line. It also displays the Progress bar as 72%. This view provides the contract line's assessment of completion:
To make the calculations easier to follow, the 72% will be rounded up to 75% for this this article. The % Complete field can be manually edited by clicking on the 72% and modifying the percentage.
75% of the Front-End Design contract line is complete. In this case, $5K has already been invoiced from the $10K fixed fee amount. Based on the percentage of completion, the Work in Progress (WIP) is calculated to determine the potential amount available for invoicing, if needed.
The WIP is calculated using the below formula:
WIP = % completed x Amount – Invoiced
$ 2,500 = 75% x $ 10K - $ 5K
The percentage of completion for the Design contract group is calculated as 80%.
What does this mean for the project's overall completion? Let's now turn back to the Key Performance Indicators panel:
For the Completion indicator, you will see that 61% of the total project is completed. That's 75% completion on the Front-End Design contract line but only 61% of the overall project. This calculation is also shown in the contract's total:
How about the Actuals KPI's?
The below KPI outlines the actual time booked (orange bar) versus total contract budget $80K found in the Contract view. The green indicator represents the Recognized Revenue based on the percentage of completion across all contract lines Invoiced ($ 6,200) and WIP ($ 41,000) amounts.
The KPI indicates that less time has been spent on the overall project compared to the budget and the total WIP.
A summary of all your project's % of completion can be found in the Project's overview (the Projects menu). Click on the Completion Management tab:
How to recognize your project's revenue?
In addition to completion management, PSOhub has a revenue recognition feature to calculate what you should have as recognised project revenue.
Click the Completion Management menu, and select Revenue Recognition:
The below revenue information appears. Based on the 75% completion of the Front-End Design contract line, the Recognized contract value is $ 7,500. In the Used column, the total hours spent based on the roles' selling rates is shown.
With less hours spent than budgeted, the project has faired extremely well financially. With a recognized revenue of 7K with less time spent than budgeted, the project is already at a profit, hence, the positive value in the Result column of $3K. This is calculated using the formula:
Result/Profit = Recognized - Used
3,3K = 7,500 - 4,200
A summary of all your project's revenue recognition can be found in the Project's overview (the Projects menu). Click on the Revenue Recognition tab:
