Financial Summary Tab

Who can use it?	Where is it?
Assistant project manager Project Manager Director Administrator System Administrator	Project > Financial Summary tab

The Sub Projects below in yellow highlight have the fee type Fixed allocated. When setting up the Sub Project an Agreed Fee is entered. This is the Fixed value that can be billed up to for the Sub Project.

Explanation of the data highlighted in the above image:

100% Complete - Blue row

The Sub Project 'Preliminary Design' in blue, shows that the full agreed fee has been invoiced. This changes the sub project to show as 100% complete. When this occurs it can be helpful to check if the Sub Project is actually completed, then update the Sub Project status to Complete.

Residual value - Red row

The Sub Project 'Schematic Design' in red, shows that the Sub Project is not yet complete. The Sub Project has had several invoices created, and the Sub Project is now 72% complete. Looking at this information helps you see a quick snapshot of the Residual value available for the Sub project. This is the value that can still be billed to the client. Knowing this value can be helpful in planning how much more you are willing to spend to complete the project, on resources to complete the remaining tasks, and determining how many hours they will spend on the tasks.

The yellow highlighted rows below have the fee type Hourly Rate allocated to the Sub Projects. When setting up these sub projects, an agreed fee is not entered. Due to this the Agreed fee value is shown as the total of chargeable hours allocated to the project. The Complete % column is always shown as 0.00% for this fee type.

Explanation of the data highlighted in the above image:

Agreed fee is the invoiced value - Blue row

The Sub Project 'Landscape Design' has several invoices created totalling $14,283.80. The residual column shows the value of any non-invoiced transactions. The Agreed fee value is the invoice value + residual non-invoiced charges.

Agreed fee is the total value of the chargeable work - Red row

The sub project 'Variation - Architectural' has not yet been invoiced. The Residual column displays the total value of the non-invoiced transactions. The Agreed fee figure matches the Residual value, as there are not yet any invoices.

The optional columns have been added to the view below (via the right mouse click menu > Optional columns). Using Sub Project Budgets is a great tool, as it helps to set targets of what the total chargeable value is expected to be. When you enter sub project budgets you can see at a glance if the total time spent on the work is greater than the expected value. Use these columns to check if each Sub Project is over or under delivering on the cost Proposed to the client.

Explanation of the data highlighted in the above image:

Sub Project Budget - Blue column

The budget value is created to estimate the total value to complete the work required for each Sub Project. This is the number of hours * the rate allocated.

Budget Residual (Unused portion) - Green columns

The Budget Residual $, and the Budget % columns allow you to see at a glance, the budget $ value and % value that has not been used for the Sub Project. The Budget Residual $ column will not display a negative residual value. When this occurs the value $0.00 is shown, as the budget for the Sub Project has been exceeded. However the Budget % column will show a % value of how much a project has been over delivered.  

Chg. Value $ (Total Chargeable work) - Red column

The Chg. Value $ column shows the total value of all Invoiced transactions + the total Residual (non-invoiced) value. This allows you to see at a quick glance how much chargeable work has been allocated to complete the sub project (to date).

Column name	Definition
Sub Project	The name of the sub project. Click the sub project name to open the record and view the details.
Client Reference #	Optional sub project field to enter the client provided reference number for the sub project or stage of work.
Status	The current status of the sub project.
Billing	The fee type selected for the sub project.
Fee	Use this column to see the value of the proposed sub projects. Fee value is entered when Proposing a Project.
Agreed Fee	Use this column to see the value of the confirmed (Active status) Sub Projects. The value is shown as $0.00 whilst the sub project is at Proposal status.
Budget	The budget value entered for the Sub Project. Budget value = Hours * rate.
Budget Variance $** NEW 4.9.4	The budget value that is unused to date. Used to determine the $ value that is available for future project tasks, without exceeding the sub project budget. (Previously called Budget Residual $ in the 4.9.3 release or prior.) Budget Variance $ = Budget (Budget Hours * rate) - Charge Value $ (total value of chargeable work booked to the project to date)
Budget %** NEW 4.7.4	This displays the Budget Residual $ value in a % format, to show at a glance the Budget Complete % at a Sub Project level.
Chg. Value $** NEW 4.7.4	Total value of chargeable transactions allocated to the sub project. (Chargeable Value of WIP) + (Chargeable Value of Invoiced Transactions).
Complete	The % of the sub project that is complete, comparing the Invoiced value compared to the Agreed Fee value.
Invoiced	The invoice value for the sub project.
Invoice W/Off	Values of invoices that have been written off for the sub project.
Inv. Writeup $ NEW 4.9.4	The discount or surcharge value applied to the sub project transactions. (Previously called the 'Inv Markup $' column prior to the 4.9.4 release). This is comparing the recommended charge-out value for the transactions against the actual invoiced value. If the two figures match then an invoice writeup of $0.00 is shown, as the items were invoiced at the recommended value. If the field is shown in red, then this means the transactions were discounted on the invoice and a negative value is shown in the field. If the field is shown in green, then this means a surcharge was applied on the invoice, and a positive value is shown in the field.
Inv. Writeup Ratio NEW 4.9.4	The write up / down of the sub project transactions as a ratio. The formula used for this is : Invoice writeup ratio = (Invoice write-up $ / Charge Value) +1. If the ratio shows a surcharge / markup / writeup result then the cell is shown in green. If the ratio shows a discount / markdown / write down result then the cell is shown in red. The total for this column at phase level excludes pre-billing type transactions.
Inv. Writeup Ratio % NEW 4.9.4	The write up / down of a transaction as a ratio percentage. The formula used for this is : Invoice writeup ratio = ((Invoice write-up $ / Charge Value) +1) x 100. If the ratio percentage shows a positive number (markup / writeup result) then the cell is shown in green. If the ratio percentage shows a negative number (a markdown / write down result) then the cell is shown in red. The total for this column at phase level excludes pre-billing type transactions.
Residual	For Fixed or Percent fee types this is the sub project value available to invoice (Agreed Fee - Invoiced value), and for Hourly fee type the value is the total non-invoiced WIP value for the sub project.
Net Residual $ NEW 4.9.4	The outstanding value which is still available to be worked upon for the sub project. Net Residual $ formula is = (Agreed Fee $ - Invoiced $ - WIP $). For capped rate fee type sub projects only, the capped value is used instead of the agreed fee value for the net residual formula.

** Right click in the list to add these Optional Columns to the list. Want to learn more? Columns view topic