New Budget Cost fields for Work Items

What's New

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:

  1. Budget Cost Labor
  2. Budget Cost Non-Labor
  3. Budget Cost CAPEX
  4. Budget Cost OPEX

 

 

New_Budget_Cost_fields.png

 

Benefits

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

 

Field Labor 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

OR

Budgeted Cost =  Budget Cost CAPEX + Budget Cost OPEX + Planned Expenses

 

Note:

  1. 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.
  2. 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. 
  3. The Budget Cost amounts do not yet track Expenses logged in the Expense module

 

 

Replacing Customizations

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. 

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