Project fund and Budget Calculation in Project Management ?

[sukran]

Hi All ,

We have an issue raised by user ,  Project table budget field amount and their related list project fund amount is different , Is this both are same for fiscal year ?

How Project funding and budget calculated ?

[Saurav11]

Hello,

Please refer the below article it has all the logics behind financial calculation in project:-

https://community.servicenow.com/community?id=community_article&sys_id=232fbec9dba1b050ab0202d5ca961963

Please mark answer correct/helpful based on impact

[shloke04]

Hi,

I don't think budget info gets rolled up from the Related List to Budget field on project form.

Refer the article below where a ServiceNow employee has confirm the same:

https://community.servicenow.com/community?id=community_question&sys_id=43ded99edb1cf3c454250b55ca9619c3

Hope this helps. Please mark the answer as correct/helpful based on impact.

Regards,
Shloke

[Rajesh_Singh · Accepted solution]

Hi Sukran,

Firstly in OOTB there is no "Funding" related list. You do have "Project budget" related list. if you mean, your referring the same. then here is my response

Project budget you create through related link for given fiscal year is as same as "Project Budget" entry created in project related list.

under financial tabs - it will display the Sum of all project budget created for given fiscal year.

Please mark answer correct/helpful, if your feel it make sense

Thanks

Rajesh

[mendyonofex]

Hey there! In project management, the budget is the total amount of money allocated to a specific project, while project funding is the money actually spent on the project. So, the budget and project fund amounts are sometimes different.
Regarding the fiscal year, it's essential to clearly understand the project timeline and fiscal year to calculate the project funding and budget accurately. Use the app to manage money and see if you follow the financial plan. Good luck!