Project Permissions: View Financials, Edit Financials, Project Administrator
IMPORTANT
The Revenue Management and Billing Schedule features are no longer available to activate on the Early Access page and are only available with the Financial Management package. If an Account Administrator activated these features for your account during the early access period, you may still have access to see them. If you would like to deactivate either feature, reach out to Customer Success or contact the Support team.
Overview
Project financials are crucial for determining project viability, planning budgets, managing risks, and improving future project management by ensuring financial accountability and value delivery. Effective financial management is essential for project success and organizational goals.
Project Administrators—and those with View or Edit Financials Project Permissions—can more easily oversee financial processes for a project within the Financials tab in the project workspace, which can help you:
- Identify roadblocks—like budget overruns—before they happen
- Invoice clients in a timely manner
- Verify revenue amounts during period close
- And more!
If all features are activated, there are 3 subtabs available:
- Billing—Allows you to build and manage a billing schedule, so you know when to bill clients for different project billing milestones.
- Fees per Month—Contains a chart and table view that helps you gain insights into actual and forecasted fees in relation to your budget to help you oversee project finances effectively.
- Revenue—Allows you to see trends in how revenue is calculated, recognized, and forecasted, as well as complete essential period close actions.
Billing Schedule
The Billing Schedule feature gives anyone with View Financials (or higher) Project Permissions clear, real-time visibility into a project’s invoicing and payment-related activities. Managing the Billing Schedule requires Edit Financials (or higher) Project Permissions.
With this schedule, you can:
- Separate your fixed fee billing milestones from your project plan
- Include invoicing dates on your schedule
- Receive notifications when billing milestones have reached the date to invoice
- See which billing milestones clients have been billed for
- Find out which fixed fee invoices are outstanding and possibly overdue
All of this helps you to more effectively follow up on overdue invoices and manage cash flow.
For more information, see the Billing Schedule Overview article.
Fees per Month [Early Access]
The Fees per Month feature gives anyone with View Financials (or higher) Project Permissions clear, real-time insight into fee utilization on the project—with chart and table views that show the forecasted and actual fees in each period compared to your budget. Your forecasted fees are calculated based on the time and expense account settings managed by your Account Administrator.
The chart on this page is a visual representation of your Estimate at Completion (EAC) over the lifetime of the project compared to the project’s budget. You can also see where your budget has increased or decreased based on budget change orders.
In the table, you can look at Actual Fees and Forecasted Fees amounts for your project with a month-over-month breakdown. The EAC information uses the same calculations as in the Project side panel. To drill into the details of what is contributing to your actual fees and forecasted fees, click the Expand icon in the respective column header to reveal additional columns.
For more information, see the Project Financials: Fees per Month [Early Access] article.
Revenue
The Revenue Management feature gives anyone with View Financials (or higher) Project Permissions—or Financial Management Access Group permissions—access to view revenue information at the account and project levels, allowing you to monitor revenue changes and verify revenue and forecast amounts in real-time.
When you have Edit Financials (or higher) Project Permissions and have the appropriate Financial Management Access Group permissions, you can manage the following financial processes within the project:
- Override the revenue amount in a project for a financial period
- Submit a project for revenue verification and recognition
- Approve the project financials for a financial period
- Reopen a closed financial period for a specific project only
For more information on the Revenue tab and completing the different financial processes, see the Revenue Management article.
Comments
4 comments
A new article is now available about the Financials tab in the project workspace.
This article has been updated to include information on budget change orders affecting the Budget line in the Fees per Month chart.
This article has been updated to include information on the Revenue Management feature—now in Early Access!
This article has been updated to include information on reopening financials periods.
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