Project finances, budget, and Invoices

The financial overview combines project cost, labor time, Expenses, Invoices, and projected Invoices. What you see depends on the Project and Financial module permissions.

In the budget, plan revenue and Expenses using line items. A line item can include Item, quantity, price, vendor, stage, comments, and responsible parties. Enter actual amounts only in accordance with your organization's agreed accounting workflow. When creating a project from Opportunities, the budget can be prepared based on its Items.

The actions menu may offer Proforma Invoice, Invoice, or Invoice based on the budget. These actions prepare the document form; before final saving, verify the client, organization, currency, taxes, line items, and project. The action may be blocked for an inactive client.

For hourly projects, distinguish between billable time, time already invoiced, and time not yet invoiced. Test scenarios involving multiple currencies, rounding, and partial Invoices using a test project first.

Financial Control

In the budget, distinguish between planned and actual figures and agree on who updates each value. Reconcile budget lines against billable time and expenses. If an hourly rate is used, verify the rate for each relevant task.

After creating a document, check its link to the project and ensure the relevant time is marked as billed. Verify the impact of cancelling or deleting a document on the project summary before correcting actual financial data.

Related articles

• Project files, time entries, notes, and activity
• Project Statuses and Automation