Workflow for Working With Project Budgets

Setting up and managing a project budget involves several procedures that span several pages in Project Management.

There are three project budget plans: Plan, Estimate, and Actual. When a project first gets created the only plan that gets created is the Plan type. Estimate and Actual values are not created until the budget is Frozen.

Before you begin: Familiarize yourself with background information about budgets. See About the Project Budget.
  1. The project owner or Project Lead creates a project budget, which defines the overall start and end dates for the budget.

    See Creating a Project Budget.

  2. Cost categories (cost centers) and cost items are added to the budget.
  3. Amounts for cost items can be entered on the Budget page when in Edit mode. See Working with the Project Budget.
  4. The budget is frozen. After the budget planned amounts have been entered, the project owner or Project Lead promotes the budget to Frozen. See Working with the Project Budget.
  5. View estimated amounts and enter actual amounts for the budget.

    See Working with the Project Budget.

  6. Generate the expense report that shows spending on a time interval of your choosing.

    See Generating the Expense Report.