Financial Fields for Budgeting
|
Availability: Pinnacle. ; Unavailability: Free, Team, Business, Enterprise; |
Wrike’s Budgeting feature provides a predefined set of financial fields that automatically calculate essential financial metrics. These metrics help you plan your project's scope and budget, and track profitability.
Note
To view calculations in the financial fields, you may need to enable hourly rates in certain cases. This applies to the following situations:
-
For projects created before the release of the Budgeting feature on October 19, 2020.
-
For projects created before you upgraded your account from a subscription that doesn't include budgeting fields, such as upgrading from Business to Enterprise Pinnacle.
-
Start by using one of these three options:
-
Open the project and click the three-dot menu button in the upper-right corner. 1
-
Open the project in Table view and right-click its title.
-
Open the project’s info panel and click the three-dot menu button in the upper-right corner.
-
-
Hover over Financial settings. 2
-
Select Manage hourly rates. 3
-
Make the changes to bill or cost rates if necessary. 4
-
Click Save. 5
Important
Applicable only for accounts created before October 4, 2024.
Note
If a task is located only in a folder and doesn’t belong to any project, then the financial metrics — actual and planned fees and cost — will not be calculated.
|
Field |
Calculation formula |
Description |
|---|---|---|
|
Budget Available in:
|
- |
In this field, you manually enter the number that defines the project’s budget. TipTo calculate the remaining budget, create a calculated custom field using the formulas “[Budget] - [Actual fees]” or “[Budget] - [Actual cost].” NoteBudget fields are available in reports if the reports are based on projects. |
|
Actual fees Available in:
|
Actual fees = Users’ time spent * Users’ bill rate Users’ time spent is the sum of all time entries that the user(s) have logged for a particular task. Users' bill rate is the hourly bill rate specified for the user(s) or their job role. |
In the Table view, this field automatically calculates and displays the actual bill amount for each task. Note
|
|
Actual cost |
Actual cost = Users’ time spent * Users’ cost rate Users’ time spent is the sum of all time entries that the user(s) have logged for a particular task. Users' cost rate is the hourly cost rate specified for the user(s) or their job role. |
In the Table view, this field automatically calculates and displays the actual cost of resources for each task. NoteIn Timelog view, the Actual cost is calculated for each user separately. |
|
Planned fees |
Planned fees = Users’ effort * Users’ bill rate Users’ effort is the sum of hours that you enter in the Effort section of each task to estimate how much time it will take the user(s) to finish it. Users' bill rate is the hourly bill rate specified for the user(s) or their job role. |
This field automatically calculates and displays the planned bill amount for each task. NotePlanned fees are not calculated for non-billable tasks. |
|
Planned cost |
Planned cost = Users’ effort * Users’ cost rate Users’ effort is the sum of hours that you enter in the Effort section of each task to estimate how much time it will take the user(s) to finish it. Users' cost rate is the hourly cost rate specified for the user(s) or their job role. |
This field automatically calculates and displays the planned cost of resources for each task. |
Tip
-
Planned and actual costs and fees are calculated separately for each task within a project. To see the total sum of these numbers for the entire project, you need to roll up the data from Actual fees, Actual cost, Planned fees, and Planned cost fields in the Table view.
-
The Budget financial field can only be filled in for projects. If you need to set a separate fixed value for a budget on tasks, consider using a currency-type custom field.
If you see empty fields, it usually means one or more requirements aren't met. Check the following:
-
The task is in a project:
-
The task with tracked effort or time must be directly located in a project.
-
-
The project and tasks are billable:
-
Both the project and its tasks need to be marked as billable. This is required for Planned and Actual fees, since these use bill rates.
-
-
Hourly rates are enabled for the project:
-
The project must have hourly rates turned on. You may need to enable this manually in these cases:
-
The project was created before October 19, 2020, when Budgeting launched.
-
The project was created before your account enabled Budgeting. For example, if you upgraded from Business Plus to Enterprise Pinnacle.
-
The project was created from a blueprint that didn't have hourly rates enabled. In this case, you’ll need to enable rates for the new project.
-
The project was previously a folder and you changed its type to a project.
-
-
-
Users have hourly rates assigned:
-
Users assigned to the task or who tracked time must have hourly rates. Rates are inherited from their job role or set in their profile under Settings > Users.
-
-
Effort or time is tracked by users with hourly rates:
-
The task needs allocated effort or tracked time from users with hourly rates. For default rates, make sure effort is allocated, or time entries are tracked on dates when a rate was applied (the rate wasn’t 0).
-
Important
Time or effort tracked before a default rate was set won’t be included.
Financial fields rollups can be aggregated for Projects only. How do I roll up values from subitems to task level?
To roll up values from subitems to parent tasks, you can recreate the budgeting field using a custom Formula field. Once set up, place it next to the source field to easily compare real task values with summed subitem values.