Client Estimated and Actual Costs

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Projects view > Project Financial tab > Estimated and Actual Costs

Open

·        Estimated costs section (amounts converted in application default currency)

o   Total costs from internal providers

o   Total costs from external providers

Notes

·        Updating prices in providers rates list will not update the existing estimated costs

·        Updating a resource’s hourly rate will not update the existing estimated costs

Project Estimated Costs section

Quote/Budget:
            The project’s budget, or its estimated cost. You need to enter this value manually. Later on, you will be able to link your client’s estimate to this field.

Internal cost:

The estimated time of all tasks in the project assigned to internal resources multiplied by their hourly rate.

Internal cost = Estimated time x Hourly rate

·        If a resource is not yet assigned to a task, its hourly rate is the service’s defined hourly rate. This ensures the estimated internal cost is still available even if some tasks are not assigned.

·        If a resource is assigned to a task, its hourly rate is the resource’s defined hourly rate for this service.

·        If a resource is assigned to a task, but that resource does not have a defined hourly rate for this service, then the task’s hourly rate is the service’s defined hourly rate.

External cost:

The estimated cost of the work done by external resources. This value is calculated by taking the sum of all purchase order totals.

External cost =  Purchase order total

Profit/Loss:

The sum of the internal cost and external cost subtracted from the quote/budget.

Profit/Loss = Quote - (Internal cost + External cost)

% Profit/Loss:

The sum of the internal cost and external cost subtracted from the quote/budget.

% Profit/Loss = ((Profit/Loss)/Quote) %

Open

·        Only profit/loss amount will be shown budget of 0$

·        No profit/loss amount and percentage will be shown when there is no budget

How are Project Estimated Costs calculated from Task Estimated Costs

·        Estimate for a task will be calculated when it is first created (except system tasks)

o   After workflow has been created

·        Estimate for a task will be updated when either of the following properties change:

o   Service

o   Assigned resource

o   Quantity

o   Unit

o   Unit cost (obtained from provider providers rates lists)

o   Estimated time

System services

·        No estimated costs will be automatically calculated for tasks where service is of the system type.

·        There is no possibility of manually associating estimates to these either.

Validation services

Assigned to a resource:

·        Cost can be added in providers rates lists for services of type validation

Assigned to client contact:

·        No estimated costs will be associated to validation service performed by client contact

Internal providers

Open

Open

·        Costs associated with tasks assigned to internal providers are calculated using resources' most recent hourly rate. If none is defined in their resource financial details page, then hourly rate will be set to 0.

·        Estimates are based on estimated time and hourly rate.

·        Estimated cost = Estimated time (hours) * hourly rate

·        The application’s default currency is used for internal providers

·        Group by providers or services, or both together to display aggregated totals

External providers

Open

·        Costs associated with tasks assigned to external providers are calculated using the external provider’s providers rates lists. If none is defined in their resource financial details page, then the default providers rates lists will be used. The unit price is retrieved based on conditions that correspond to the following criteria (service, unit, domain, urgent). If none found, unit price will be 0.

·        Estimated cost = Quantity* Unit price

·        The providers rate lists’ currency is used for external providers.

·        Group by providers or service, or both together to display aggregated totals

Unassigned tasks

·        Costs associated with unassigned tasks are calculated using the default provider providers rates lists, if there is one defined. The unit price is retrieved based on conditions that correspond to the following criteria (service, unit, domain, urgent). If none found, unit price will be 0.

·        Estimated cost = Quantity* Unit price

2.   Project Actual Costs section

External costs:

The cost of the work by external resources. This value is calculated by taking the sum of all provider invoices.

External cost =  Provider invoice total

Internal costs:

The cost of the work by internal resources. This value is calculated by taking the sum of all time entered in the timesheets related to the project multiplied by their hourly rate.

Internal cost = Time spent x Hourly rate

Project costs

The sum of the internal costs and external costs.

Project costs = Internal costs + External costs

 Estimated and Actual Costs - FlowFit User Documentation - Confluence (atlassian.net)