View forecasts and manage financial plans for a project in classic Project Workspace

  • Release version: Washingtondc
  • Updated February 1, 2024
  • 4 minutes to read

    • Use the Financials tab in Project Workspace to capture the costs and benefits of a project.

    Before you begin

    Role required: it_project_manager

    About this task

    The Financials tab provides a detailed breakdown of the cost components of a project. The total planned cost, budget cost, actual cost, and planned returns with their breakdowns are displayed in the form of read-only cards, while the cost plans, benefit plans, and their breakdowns are provided in an editable grid view. Using the grid view, you can:
    • Group the plan level columns; configure, sort, expand, collapse, and freeze both the plan level and breakdown columns.
    • Inline edit the breakdown values of a cost plan or benefit plan without opening the plan in a form. Inline edit is available only in the Monthly view.
    • Create a cost plan and benefit plan for the project.

    Procedure

    1. Open the required project in project workspace.
    2. Click the Financials tab.
    3. To create a cost plan:
      1. Select Cost Plans from the list.
      2. Click New.
    4. To create a monetary benefit plan:
      1. Select Monetary Benefit Plans from the list.
      2. Click New.
    5. To view the project costs and financial breakdown summary of a project for the selected fiscal year, select Overview from the list.
      The Overview tab gives the financial summary for Planned Cost, Actual Cost, Variance (Planned vs Actual cost), Estimate At Completion, and Estimate To Completion.
      Note:
      If a project has a sub-project with a cost plan, the financials overview breakdown view is not enabled by default. To enable this view, a user with the it_pps_admin role should set the value of the com.snc.project.rollup.cost property to true.
      • You can manage the financial summary view on the Overview tab.
        1. Navigate to All > System Definitions > Script Includes.
        2. Search for and select the PmOverviewTabConsts script.
        3. Rearrange or remove the code from the Script and click Update.

        You can drag the headers and drop them at the required position to rearrange the financial summary columns on the Overview tab. This arrangement resets after the current session ends or expires.

      • The admin can configure the level at which the financials overview data is displayed for the fiscal year in the Project related properties page by navigating to Project Administration > Settings > Preferences - Project. If no value is specified, by default, the financials are displayed at the quarterly breakdown.
    6. Optional: Review additional fields, view plan details, or reorganize the comparative data on the form.
      • To create a baseline or compare the available baselines, click the baseline information icon (Baseline information icon.) and then select Create New Baseline or Compare Baselines option, respectively.

        In the Financial Baseline comparison screen, the top two rows show all the values in either functional currency or project currency. To display the values in project currency, click the configuration icon (Configuration icon.) and toggle the Show Widgets in Project Currency view.

        The Financial Baseline Details pane indicates the Functional Currency and the Project Currency that has been selected.

        The Financial Baseline grid shows the Functional cost, Cost in Project currency, Actuals, and Actuals in Project Currency. You can view the Project currency at the grid level. This view is helpful when there are cost plans of sub-projects that are in different project currency.

      • To view a cost plan or benefit plan details on a form, click the information icon (Information icon.) available in the Name column of the grid.
      • To view a cost plan or benefit plan details in yearly, quarterly, or monthly format, click the Year, Quarter or Month views respectively.
      • To toggle viewing the widgets in the Financial Summary section, click the widgets icon (Widgets icon.) and then select the Show Widgets option.

        Select an individual widget name to display the widget. Clear the selection to hide the widget.

        The selected field preferences are saved and are available when you reopen the Financial tab.

      • To show or hide columns in the grid, click the configuration icon (Configuration icon.) and select the field names.

        You cannot hide the grouped columns. To reset to the default grid column layout, select the Reset to defaults option.

      • To view the project costs in project currency, click the configuration icon (Configuration icon.) and select the five widgets to show project currency amounts. The widgets are Total Planned Cost in Project Currency, Budget Cost in Project Currency, Actual Cost in Project Currency, Planned Return in Project Currency, and Benefit in Project Currency.

        You can view both the functional and project currencies in the currency indicator.

        In the Financial Summary grid view of the Cost Plans and Benefit Plans tabs, all items related to project currencies are configured in the column heads such as Cost in project currency, Project currency, and Total actual cost in project currency.

        By default, you can view only the functional currency columns. To view the project currency columns, click the configuration icon (Configuration icon.) and select the project currency column check boxes in the item columns.

        The aggregated amount in the Cost in project currency field is clear if there are cost plans of sub-projects with different project currency.