This content was generated using new OpenAI-powered functionality. Results are provided on an as is basis and are not guaranteed to be accurate or complete.
Summary of Financials in Project Workspace
The Financials view in Project Workspace allows project managers and financial users to plan, track, and analyze project financials effectively.It provides a comprehensive overview of actual and planned expenses across fiscal periods, enabling better financial management and forecasting.
Show full answerShow less
Key Features
Enter high-level financial forecasts for planning items in the Details tab.
Create and manage cost plans, expense lines, and financial baselines from a streamlined interface.
Access key financial metrics such as Estimate at Completion (EAC), Estimate to Completion (ETC), and actual costs.
Utilize in-line editing to update planned costs for future periods and re-forecast as needed.
Record unplanned expenses and compare baseline financials to track variances over time.
Generate labor costs based on resource assignments with a one-click solution.
Customize views and export financial data for further analysis.
Key Outcomes
By leveraging the Financials view, customers can gain a clear understanding of their project's financial health, make informed decisions regarding budgets, and effectively manage both planned and actual expenses. This functionality ensures that users can quickly identify variances and adjust forecasts, leading to more accurate financial planning and project execution.
Plan, re-forecast, track the financials, and create baselines for projects.
The financials view provides a streamlined perspective, showcasing the actual and planned expenses for the entire fiscal period. You can view the latest estimated cost of completion by displaying the Actual costs for the past fiscal
periods, planned costs for the current and future fiscal periods, the totals for quarter, year, and total duration of work.
The interface gives you the ability to create cost plans, expense lines, and baselines. As a project manager or a financial user, you can:
Enter high-level financial forecasts for planning items using the simple financials section in the Details tab.
Work on high-level estimating for Planned opEx and Planned capEx.
View a streamlined perspective, showcasing your actual costs for the past and planned expenses for the future, for the entire time scope of the project.
Get a better comprehensive solution by viewing the EAC (Estimate at Completion), ETC (Estimate to Completion), and Actuals to date of each cost plan for the total time scope and the yearly breakdowns.
Re-forecast the planned cost for future fiscal periods by directly updating the quarterly and yearly totals using the in-line editing capability of the grid.
Generate labor costs depending on the resource assignments for the entire scope of the planning item broken down by the financial attributes configured for your organization. For more information on the planning
attributes for attribute-based mapping, see Planning attributes.
Add or edit expense lines against the cost plans from the side panel with the associated cost plan details pre-populated.
Record unplanned expenses using the New expense line side panel.
Create and compare financial baseline to track the financials of your projects while you execute them.
Compare the latest costs (actual expenses for past fiscal periods and planned costs for current and future fiscal periods) with the initial forecasted planned costs by creating financial baseline and using the compare baselines
capability.
Analyze the cause of variance in costs and when did this occur over time by capturing the financial baselines manually or automatically.
Figure 1. Financials screen
You can view the following information on the financials screen.
Time scope – Duration of the planning item or a cost plan, whichever has a larger fiscal period range.
Functional currency – The currency defined and used to calculate the financials.
Customizable widgets showing different financial information such as allocated budget, total latest costs (EAC), Variance (the difference between budget and EAC), breakdown of planned costs, and actuals
to date by cost type.
Time scale – Time period breakdowns to view the financials. Default value is set to Month/Period, depending on the fiscal calendar type.
Generate labor costs – One-click solution to generate or refresh the planned labor costs for the planning item depending on resource assignments.
Note:
This option is enabled for the projects with attribute-based resource assignments
only.
Left pane gives you a tabulated view of the cost plan attributes displaying the Name, Cost type, Expense type, Stat fiscal period, End fiscal period, Total planned cost, Employee type, and Role. You can customize these fields. For
more information, see Customize the left pane view for financials.
In the right pane, view the total actuals to date, Total EAC (Estimate at completion) and Total ETC (Estimate to completion) for the selected Time scope duration, Actual expenses against a cost plan for the past fiscal periods,
actuals to date, EAC, and ETC for the current fiscal year, and planned costs for the current and future fiscal periods.
Note:
The header rows of actuals and planned expenses are color-coded differently to help you easily identify
and differentiate between the expense types. The legend is marked against the Time scale field.
New cost plan – Opens a simplified side-panel to create a new cost plan for the entity.
Personalize option to customize the columns in the left pane of the table.
Export option to download Cost or Baselines comparison as Microsoft Excel or CSV file.
