Project Budgeting
For information on the availability of Job Costing and Project Budgeting, please contact your account representative.
Project Budgeting lets you establish cost and billing budgets at both the project and task level. You can choose to set up your budgets at the project task level and they automatically roll up to the project level. At the project level, you can choose to accept the rolled up values or manually override budgets.
NetSuite offers an option to automatically calculate labor budgets based on values entered for your project at both the project and project task level.
Project Task Budgets
For project task budgets, labor is the only available category for automatic calculation. If you choose to automatically calculate labor budgets, the calculations are determined for cost budgets based on resource cost rate times planned hours. Billing budgets calculate labor based on the resource price times planned hours. If you also used charge-based billing, the billing budgets are calculated from charges.
You must create planned time entries for NetSuite to automatically calculate budgets. When creating your project record, on the Preferences subtab, check the Create Planned Time Entries box.
Billing budgets can be manually entered or calculated based on resource prices and planned hours. If your project uses Charge-Based Billing, billing budgets are calculated from charges rather than planned time.
Budgets for expenses, suppliers, and other can be manually entered for both costs and billing.
Project Budgets
For project budgets, labor costs can be automatically calculated in one of two ways depending on your settings:
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Sum of project task labor costs, including any manual overrides
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If you use Resource Allocations, labor budgets can be calculated from allocated resources.
Note:Budgets calculated for resource allocations appear in Labor: Other. Resource allocations do not allow for a service item and cannot be split between categories.
Labor billing budgets can be automatically calculated at the project level based on:
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Sum of project task billing budgets, including any manual overrides
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If you use charge-based billing, billing budgets are calculated using projections generated by charged-based billing rules.
Both cost and billing budgets for expenses, suppliers, and other are manually entered. If you have entered budgets for these categories at the project task level, you can choose to roll up those values at the project level.
After you have finished entering your budgets, the Estimated Project Cost field, on the Financial subtab of your project record, is updated to display the total from your project cost budget. The Estimated Project Revenue field is updated to display information from your project billing budget.