Need Help! Custom Budget Tracking

[AlisonAn1]

Hi all, This may be a case of trying to do too much with too little, but I'm desperate to rid myself and my team of a manual process. Here's the situation: As the PMO, we are responsible for tracking and managing the budget related to any contracted PM work our projects are using. Basically, we contract a specific resource to manage a specific project and the SOW covers a specific dollar amount. Our dilemma: Currently, these contracted resources track their time in WF (win!), but each week we manually move their hours over to a spreadsheet. The spreadsheet mainly tracks hours per week, budget used per week, and budget remaining. Solution we are trying to get to: Since the hours are already tracked in WF, my team thought we could craft a solution in WF that would eliminate our manual intervention. Ideally we would be able to monitor some reports instead of entering on spreadsheets. Solution Hurdles: (1) I can't find a way to multiply the user's hours logged weekly against the user's billing rate (I suspect I can do it in a calculated column, but I can't get the text mode to work). (2) I can't find a way to calculate the remaining budget based on hours logged by the user on that specific project at that users bill rate. As always, I am grateful for any input/help from WF experts out there! Alison Angilletta PMP Director, PMO RWJBarnabas Health

[Doug_Den_Hoed__AtAppStore]

Hi Alison, This is a tip-of-the-iceberg topic, so before we don our wet suits and roll over the railing, I'd like to offer a few resources on the help site for background and confirmation of which part(s) you'd then like to explore: "https://support.workfront.com/hc/en-us/articles/217300507-Tracking-Costs">Tracking Costs -- the obligatory 50,000 foot overview backgrounder "https://support.workfront.com/hc/en-us/articles/217612358-How-Workfront-Calculates-Finances">How Workfront Calculates Finances -- chock full of Task Level, out of the box detailed examples; what you need might even be here "https://support.workfront.com/hc/en-us/articles/218076487-Preventing-the-Recalculate-Finances-Action-from-Affecting-Historic-Hours">Preventing the Recalculate Finances Action from Affecting Historic Hours -- as you consider the tricky but normal nature of Rates "https://support.workfront.com/hc/en-us/articles/216744788-Creating-Billing-Records">Creating Billing Records -- an extension of the previous topic, with How To pictures "https://support.workfront.com/hc/en-us/articles/217299747">Recalculating Finances -- and if the previous topic worked, this one won't work (as desired) "https://support.workfront.com/hc/en-us/articles/217300397">Overriding Job Role Billing Rates on a Project and Calculating Revenue -- mastering the above, this one is now Safe To Consider "https://support.workfront.com/hc/en-us/articles/216632048-Estimate-At-Completion">Calculating Estimate At Completion (EAC) -- here's a Standard Way, albeit (perhaps) at too high a level for what you need Regards, Doug Doug Den Hoed - AtAppStore SEE you at LEAP using the GPS App! https://tinyurl.com/LEAPGPS Got Skills? Lend a hand! https://community.workfront.com/participate/unanswered-threads

[JAVELLETE]

Hi Allison, We have run into the same issue as you. At Marriott, we have leveraged the issue object to track budgets as we have 4 different budget types. To learn more about this and talk to one of our colleagues (if you're going to LEAP), look for Sara Rothkopf's presentation on Wednesday, May 2nd. The session topic is "Workfront as a Project Financial Management Tool". Hope this helps! Javelle Teate JAVELLE TEATE Senior Manager, Marriott International