4 new standard fields give you better insight into the total planned spend in your project’s Budgeted Cost.
Budget Cost rollup fields are now included which aggregate:
- Budget Cost Labor
- Budget Cost Non-Labor
- Budget Cost CAPEX
- Budget Cost OPEX
When requesting budget or creating new project proposals, it’s common to break out Labor vs Non-Labor costs, and CAPEX vs OPEX costs. This helps you manage the cost planning with your Finance team which use these amounts for overall budgetary & investment planning of the organization.
How it works
Budget Cost Labor shows all
Budget Cost Non-Labor shows all Non-Labor Budget Costs (as entered in the Financial Planning view)
Budget Cost CAPEX shows all Labor Budget Costs of CAPEX tasks + CAPEX Non-Labor
Budget Cost OPEX shows all Labor Budget Costs of OPEX tasks + OPEX Non-Labor
|Budget Cost Labor||
Labor Budget Costs
work * cost rates
|Budget Cost Non-Labor||
Non-Labor Budget Costs
as entered in the Financial Planning view
|Budget Cost CAPEX||Labor Budget Costs of CAPEX tasks||CAPEX Non-Labor|
|Budget Cost OPEX||Labor Budget Costs of OPEX tasks||OPEX Non-Labor|
The totals are shown in the Work Item’s Cost Currency type and roll up to parent tasks, milestones, projects and parent projects/portfolios.
Budgeted Cost of a task or project
Budget Costs Labor / Non-Labor and Budget Cost CAPEX / OPEX related to the overall BUdgeted Cost of a task or project:
Budgeted Cost = Budget Cost Labor + Budget Cost Non-Labor + Planned Expenses
Budgeted Cost = Budget Cost CAPEX + Budget Cost OPEX + Planned Expenses
- Planned Expenses is included for backwards compatibility reasons only. If your organization is using it is highly recommended to plan moving this part of your budget planning over to Financial Planning which has Time-Phase capabilities.
- Fixed Costs or Manually Set Budgeted Costs are not currently broken out into time periods or CAPEX/OPEX, Labor/Non-Labor as they lack granular rules to assist with these calculations.
The Budget Cost amounts do not yet track Expenses logged in the Expense module
If your organization is currently using CAPEX / OPEX Work Items app from the Apps Marketplace you may be able to replace your usage of these custom fields with these new standard system capabilities.