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Financial Fields for Budgeting

Table 16. Availability


Availability: Pinnacle. ; Unavailability: Free, Team, Business, Enterprise;

Overview

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.

Enable hourly rates for calculation in financial fields

  1. Start by using one of these three options:

    1. Open the project and click the three-dot menu button in the upper-right corner. 1

    2. Open the project in Table view and right-click its title.

    3. Open the project’s info panel and click the three-dot menu button in the upper-right corner.

  2. Hover over Financial settings. 2

    set_up_finanicial_fields_gimp_marker.png
  3. Select Manage hourly rates. 3

  4. Make the changes to bill or cost rates if necessary. 4

    set_hourly_rates_gimp_marker.png
  5. Click Save. 5

Financial fields

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:

  • Table view

  • Project creation window

  • Reports

-

In this field, you manually enter the number that defines the project’s budget.

Tip

To calculate the remaining budget, create a calculated custom field using the formulas “[Budget] - [Actual fees]” or “[Budget] - [Actual cost].”

Note

Budget fields are available in reports if the reports are based on projects.

Actual fees

Available in:

  • Table view

  • Timelog view

  • Reports

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

Available in:

  • Table view

  • Timelog view

  • Reports

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.

Note

In Timelog view, the Actual cost is calculated for each user separately.

Planned fees

Available in:

  • Table view

  • Reports

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.

Note

Planned fees are not calculated for non-billable tasks.

Planned cost

Available in:

  • Table view

  • Reports

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.

FAQ

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