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Leverage a budget template to create a detailed budget
Leverage a budget template to create a detailed budget

How to add a budget template to a new or existing project?

Claudette Albers-Reid avatar
Written by Claudette Albers-Reid
Updated over a week ago

Created February 19, 2024

In order to create a detailed budget based on hours, roles and team members, you will want to leverage the Budget Grid. In your project click the Budget tab:

The below Budget page will appear providing you with two options:

  • Leverage a Template (this option is available at the bottom of the page as well as on the top right)

  • Create your budget manually with Add line (you can also click Add Contract line)

Leverage a Template to create a detailed budget

If you have created budget template you will be able to leverage them here. Simply click Template. The following screen will appear. Use the dropdown arrow to select your budget template.

Click the Import button to insert the budget template into the project. The budgeted roles and its rates will be pushed in to the project's Team tab:
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If you modify the rates displayed in the Team tab, the budget grid will automatically be updated with the new rate and the amount of the budget lines will also reflect the new rate.

To assign resources to the roles, click on a budget line; the Add/Edit resource dialog box will appear.

If team members have been assigned during project creation and are visible in the Team tab, these members will appear in the Available project members drop-down list that match the Role:

If your team member of your project was brought in with the default role that differs from the role defined in the workload sheet, you will not see them in the Available project members field, but rather in the Other available resources... field.

If you need to modify the number of hours or the budget amount of any one of the budget lines, you can do so by simply clicking on the field Hours or Total Amount.

When the roles have been added to each budget line and you are satisfied with the imported budget hours and total amount, you can click on the Update button:

Update resource planning, fixed fee amounts and budget in contract

Once you are done defining your budget, click the Update button located at the top right of the screen.

The following dialog box appears:

Your budget can be used as the basis of your resource planning, to update the fixed fee contract line's Amount fields and/or to update the Budget (Sales and Cost) field in the contract line.

You can determine how you will leverage the budget by selecting the appropriate check boxes and click Update. When the budget is updated, a date stamp will appear at the top of the budget grid:

Note: If no hours have been budgeted resulting in 0 hour values, PSOhub will update the contract line to a 0 value, overwriting any manually entered budget amounts at contract level. To avoid this, delete the unwanted budget line(s) by clicking on the bin icon at the end of the line:

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When the Update fixed fee amounts and Update budget in contract options have been selected, you will see that in the Contract tab, the fixed fee Amount fields and the Budget fields are populated and a Subtotal and Total is displayed:

Change the Contract view via the dropdown arrow and select Estimated profitability:

If your project's roles were defined with a cost rate, you will see the budget column updated with the value of the number of hours X cost rate; providing you with instant visibility on your estimated profitability.

Change the contract view via the dropdown arrow and select Planned vs Used Hours.

The budget column of this view will display the quantity of hours budgeted, providing you with a baseline to compare with your planned hours as well as your Used hours (actuals).

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When the Update resource planning option is selected, the project's budget is pushed to the resource planning. In the Contract view, click the Resource Planning button:

In the next screen, you will see the column "to be planned" updated with the number of budgeted hours. As you start planning the hours, the first number (bold) will be updated based on planned hours; letting you know how many hours are left to plan or if your planned hours are going over budget.

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