Budget

Monitoring the costs of your project is crucial to ensure its overall health. By using the “Budget” tab in your project, you can establish a budget and keep track of expenses for each item throughout the project duration.

Creating Your Budget

One of the first things you will want to do when creating a new project in to set up your budget for the project. Create budget items based on your needs, such as by phases, tasks, etc.

When you are in the Budget tab of your project, you will see an Uncategorized budget item. Any expenses applied toward this project that do not have any budget items specified will be placed in this budget item.

Note: If you are importing expenses that you have created in QuickBooks online and applied those expenses to a project (sub-customer), those expenses will automatically be placed in the Uncategorized budget item. You can re-categorize these expenses at any time.

1. In the budget item table click the + Add Button to create a new budget item.
2. In the popup, enter the item Name and enter the budget amounts for Material, Labor, Equipment, Subcontractors, and Other.
3. Click Save

Track Expenses

Once you have completed your budget, you will be able to apply each expense created in Purchase Orders, Expenses, and Bills to a budget item. Likewise, Time Tracking users will be able to log their time toward the correct budget item.

Tip: In case you worry that your Time Tracking users out in the field may not know which budget item to assign their time to, consider creating a budget item named “Time” or “Labor” (or anything that your team finds easy to recognize) where all time can be allocated. Later on, if required, you can redistribute the time entries as per your preference.

In the Project Budget screen, you will see how much expense has been applied to each item vs the budget amount. Expand any item to see the breakdown of the expense by Material, Labor, Equipment, Subcontractors, and Other. You can expand each of these expense types to see the individual transactions.

Within the Labor cost type, you will see that the transactions are broken into two parts. First is the expense tracked through the Werx Time Tracking feature. The second is labor costs applied through expenses/bills.