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Understanding the Project Finance Sub-tab

As a Project Owner, you can use the Finance sub-tab of a project to manage the project finances, or the way in which they calculate. The financial information you can find on the Finance sub-tab of a project represents values that roll up to the project level from tasks, as well as information entered directly on the project. Some financial information can be managed at the project as well as the task level. 

You must have View permissions on the project as well as access to Financial data from your access level in order to be able to view the Finance sub-tab on a project. 

You must have Manage permissions on the project as well as access to Financial data from your access level in order to be able to edit the information on the Finance sub-tab. However, we recommend that only the Project Owner should edit the information on this sub-tab.

Viewing Information on the Project Finance Sub-tab

  1. Navigate to a project.
  2. Select the Project Details tab.
  3. Click the Finance sub-tab.
    project_finance_tab_view_mode.png
  4. The following fields are displayed on the Finance sub-tab of the project:
    Performance Index Method:  Controls the method Workfront uses to calculate Earned Value metrics. It can be hours-based, or cost-based.
    For more information about the PIM, see "Calculating Performance Index Method (PIM)."
    CPI/SPI/CSI: These are project performance metrics that show how your project is performing, at a given time. Their values are calculated based on the Performance Index Method.
    For more information about calculating Cost Performance Index (CPI), see "Calculating Cost Performance Index (CPI)."
    For more information about calculating Schedule Performance Index (SPI), see "Calculating Schedule Performance Index (SPI)."
    For more information about calculating Cost Schedule Performance Index (CSI), see "Calculating Cost Schedule Performance Index (CSI)."
    Estimate at Completion:  Projected total cost of your project, represented in hours if the Performance Index Method (PIM) is hours-based, and it is represented in a currency value, if the Performance Index Method (PIM) is cost-based.
    For more information about calculating the Estimate at Completion, see "Calculating Estimate at Completion (EAC)."
    Budget: This is the budget set for the project. This is manually specified by the Project Owner.
    Fixed Cost: These are the fixed costs on the project, independent of other activities​ on the project. They are manually entered by the Project Owner.
    Planned Cost : The estimated cost of the project, based on Planned Hours and the rates associated with the task assignees (job roles or users).
    Actual Cost: All of the costs accruing on the project. Actual Cost is the sum of all actual ​costs: labor cost (based on Actual Hours and the rates associated with the job roles or users logging them), expenses, and fixed costs, which can be associated with a project or task. 
    Fixed Revenue: Set income expected based on the project schedule. Fixed Revenue is manually specified by the Project Owner. 
    Planned Revenue: Projected income expected based on the Planned Hours and the rates associated with the task assignees (job roles or users).
    Actual Revenue: Actual income from the project based on the Actual Hours and the rates associated with the task assignees (job roles or users). 
    Billed Revenue: Revenue billed to clients or other parties which is captured in Billing Records. For more information about billing records, see "Creating Billing Records."

Editing Information on the Project Finance Sub-tab

As a Project Owner, you can edit the information on the Finance sub-tab of a project. 

To edit information on the Project Finance sub-tab:

  1. Navigate to a project which you are the owner of.
    You need manage permissions to the project to perform the following steps. We also recommend that only the Project Owner should make changes to the Finance sub-tab of the project. 
  2. Select the Project Details tab.
  3. Click the Finance sub-tab.
  4. Click Edit Finance.
    project_finance_tab_edit_mode.png
  5. Update any of the following fields:
    Performance Index Method: Controls the method Workfront uses to calculate project performance metrics. This is set up at the system level by your administrator, but you can also edit it at the project level. Consider selecting one of the following options:
    - Hour-Based: Workfront uses the Planned Hours in calculating the CPI and EAC of the project, and the EAC of the project displays as a number, in hours.
    - Cost-Based: Workfront uses the Planned Labor Cost in calculating the CPI and EAC of the project, and the EAC displays as a currency value. When you select this option, ensure that your task assignees (job roles or users) are associated with cost rates.
    Estimate at Completion: Represents the projected total cost of your project or task when it completes. This is set up at the system level by your administrator, but you can also edit it at the project level. Consider selecting one of the following options:
    - Calculate at Project Level: EAC for the parent task and project are determined by entering the actual hours/actual labor cost into the EAC Formulas. This calculation includes Actual Hours/ costs and expenses added directly to the parent task or project.
    - Roll up from Tasks/ Subtasks: EAC for the parent task and project are determined by summing up the EAC for each child task. This calculation excludes Actual Hours/ costs and expenses added directly to the parent task or project
    Budget: Specify the budget for this project.
    Fixed Cost: Specify the fixed cost for this project. This should not include any labor or expense costs.
    Fixed Revenue: Specify the fixed revenue of this project. This should not include revenue coming from any billing records billed to partners or third parties.
    Project Currency: Specify a currency for this project, if it is different from the default currency in your system. The default currency in your system is defined by your system administrator. For more information about setting up exchange rates in Workfront, see "Setting Up Exchange Rates."
    Require time to be approved for this project: Select this option if you want the Project Owner to approve hours entered on the project, before they can be added to a billing record. 
  6. Click Save.