Once you have created your Labour Budget via the project's Timesheets Manage Tasks sub tab, you can then click on Budget, which is the next tab along.
The Budget sub-tab
The Budget sub-tab is essentially your back-costing screen for Labour. To the top right of the page is a Simplified and Advanced view of your Labour Budget. If you cannot see this sub-tab, someone with permissions needs to enable the Timesheet Budget permission for you via the manage users section of Rave.
The Simplified view (default) will display for each labour budget task, it's;
- Estimated Total - the estimated budgeted amount for this task
- Timesheet Total - the total cost of what your team have clocked in against the task
- Total Invoiced - what you have converted to an invoice, and charged out to your client
- Markup - calculated on the Timesheet Total vs Total Invoiced
- Profit - calculated by the Total Invoiced less the Timesheet Total
The Advanced view displays everything and details the calculations from the Simplified view i.e.
- Hours Estimated * Per Hour Cost = Estimated Total
- Timesheet Hours * Timesheet Average Cost = Timesheet Total
- Variance Hours = Hours Estimated - Timesheet Total
- Variance Budget = Estimated Total - Timesheet Total
- Invoiced Hours * Invoiced Sell = Total Invoiced
- Markup % = Total Invoiced vs Timesheet Total
- Profit $ = Total Invoiced - Timesheet Total
- The Variance Hours and Variance Budget allow you to see where your Labour Budget has blown out.
- If you want to see who has added timesheet entries to a task, click on the 'Person' icon to the right of the Task Name to expand this information out - the detail is displayed to the right, i.e. how many hours, their hourly rate, and their timesheet total.
- You can click on the 'Expand/Hide User Breakdowns' plus/minus people icon headers to display or hide all of your teams' entries on the page.
The bottom of the report displays the labour budget totals:
- Estimated Total - being your current Total Labour Budget
- Timesheet Total - being how much you've spent on Labour so far from your timesheet entries
- Variance Budget - the difference between your estimate and the actual amounts
- Invoice Total - how much you have invoiced the client to date
- Markup - being the total markup %
- Profit - being the total Profit made to date
For easy reference, the Report will turn lines that are a negative RED - When your timesheet total exceeds the Estimated Budget (Variance Hours)
- When you have timesheet total hours with no Total Invoiced amount (Profit)
- When the total amount invoiced is less than the Time Sheet Total Hours (Profit)
To go back to the overview for ALL Timesheets Advanced features, click here
Are you ready to use Rave's Advanced Timesheets?
If you would like to add the Advanced Timesheets module to your Rave set-up, please contact us via help@ravebuild.co.nz