Project Budget - Approved Budget with a multi year project

[Annie Kwan]

Once a project has an approved budget, we only need to track the actuals against the overall budget.  I want to know how other people are handling this from a tool perspective.  Is it necessary to update it every fiscal year?  Let's say we started with100K approved and after the first year, they have 70K left, do you update the budget stating the 1st Fiscal year, you had 30K approved budget and create another budget for the 2nd Fiscal year for 70K?  If I leave the total budget without updating the fiscal year, would this have any impact on the widgets from the project financial tab that compares Total plan cost, Budget Cost, vs Actual cost?

Also, there was an article that states that the 'Budget cost' of a project is the sum of the budget column from all the Task type cost plan breakdowns.  However, I have projects where the budget column in the cost plan breakdown incorrectly shows zero but, the 'Budget cost' seems to sums up the Budget Column from the Project Funding table.  So, I'm unsure how the the Budget Cost actually getting it's total.

[alekhyaoruganti]

Hi @Annie Kwan 

As per the tool, you always approve budget to a project for a fiscal year.

1. This value is saved in the Project Funding table that you see in the related list of the project.

2. This trickles down to cost plan breakdown of type "TASK". There is a field "Breakdown type" on the cost plan breakdown, you can filter task type breakdowns for this project which shows the rolled down budget values

3. It also rolls up to the "Total Budget" field on the project.

Coming to the widgets in the project workbench, today they always show the TOTAL values of Budget and Actuals irrespective of fiscal periods, so it should be fine incase you don't want to update budget for every fiscal year.

Thanks

Alekhya

[Rajesh_Singh]

Hi Annie,

Here are my response....

Once a project has an approved budget, we only need to track the actuals against the overall budget.  I want to know how other people are handling this from a tool perspective.  Is it necessary to update it every fiscal year?  Let's say we started with100K approved and after the first year, they have 70K left, do you update the budget stating the 1st Fiscal year, you had 30K approved budget and create another budget for the 2nd Fiscal year for 70K?  If I leave the total budget without updating the fiscal year, would this have any impact on the widgets from the project financial tab that compares Total plan cost, Budget Cost, vs Actual cost?
-No issues, If you compare total budgets (total planned budgets vs total actual cost) without fiscal year, but few of reports like Project status report PMO dashboard compare planned budget vs actual cost per fiscal year, in that case you will not get correct insight, since your not creating budget for 2nd year.

Also, there was an article that states that the 'Budget cost' of a project is the sum of the budget column from all the Task type cost plan breakdowns.  However, I have projects where the budget column in the cost plan breakdown incorrectly shows zero but, the 'Budget cost' seems to sums up the Budget Column from the Project Funding table.  So, I'm unsure how the the Budget Cost actually getting it's total.
-I haven't seen this in Out of box, can you please share screenshot. was there any customisation done on this?

Thank you!
Rajesh Singh