Budget Configuration
Setting up a project budget is important before you get started to work on the projects. Think of this as setting the rules for how project costs will be calculated. Once you set them here, they’ll automatically apply to all your projects in Zoho Sprints, saving you from setting them each time. This helps keep things consistent and saves you time down the road.
Access Budget settings
By default, the Budgeting feature will be in the disabled status. Follow the steps below to enable the budget setting:
- Click the gear icon
at the top-right corner. The settings window will appear.
- Select Budget Settings under Workspace Settings.
- Click the Enable radio button beside Budgeting to turn it on.
Once done, you can set a default budget setting across your projects to calculate the project cost and revenue.
Revenue Budget
Find out the income of a project from the actual cost by enabling the Revenue budget option in the budget settings. Enabling this will automatically find out the revenue for the project.
- Click the gear icon
at the top-right corner. The settings window will appear.
- Select Budget Settings under Workspace Settings.
- Click the Enable radio button beside Revenue Budget.
Budget Types
Each business varies when it comes to understanding how the budget needs to be calculated. There are four budget types available in Zoho Sprints. You can choose any one of the budget types for your projects based on your requirement. When you select a budget type here, this value becomes the default one for your projects. However, this can be changed according to your preferences when creating a project.
Project Budget Types are:
- Project Amount: The budget will be calculated based on the total cost of the project.
- Project Hours: The budget will be calculated with the number of hours worked for the project.
- Release Amount: The budget will be calculated based on the total cost of the release.
- Release Hours: The budget will be calculated with the number of hours worked for the release.
Select budget type
- Click the gear icon
the top-right corner. The settings window will appear.
- Select Budget Settings, under Workspace Settings.
- Click the drop-down beside the Budget Type field and select a type.
Billing Methods
Project users should be salaried based on a parameter like the total number of hours they worked on a project or based on their role in the project. So, choosing a method of billing them is a must.
There are five billing methods using which you can bill them:
- Project Hours: Billed for hours logged for the project. Set user work hours to calculate the cost to calculate the budget.
- Item Type: Billed for the hours logged for each item type. Set the hourly rate and user work hours to calculate the budget.
- User: Billed for the hours logged for each user. Set the hourly rate and user work hours to calculate the budget.
- Profile: Billed for the hours logged for each user profile. Set the hourly rate and user work hours to calculate the budget.
- Role: Billed for the hours logged for each user role. Set the hourly rate and user work hours to calculate the budget.
Note:
User work hours refers to the planned or estimated time for each user to work in a project
Select Billing Method
- Click the gear icon
at the top-right corner. The settings window will appear.
- Select Budget Settings under Workspace Settings.
- Click the drop-down beside the Billing Method field and select a method.
When you select the billing method within the budget settings, the value selected will be pre-filled in the Billing Method field while creating the project. However, this can also be updated based on the project's need.
Planned Value Exceed
It's not always possible to complete a project within the planned budget. Sometimes, it's necessary to stretch the budget to ensure the project’s completion. In such cases, you can be notified when the actual budget exceeds the planned budget. For example, you would like to be notified when the actual budget exceeds 2% of the planned budget. An email will be automatically triggered when the budget exceeds 2% of the planned budget.
Set Planned Value Exceed Percentage
- Click the gear icon
at the top-right corner. The settings window will appear.
- Select Budget Settings under Workspace Settings.
- Enter a percentage in the Planned Value Exceed field.
Budget Threshold
A threshold percentage can be set to trigger a notification when spending approaches the planned budget, preventing planned budget overrun. For example, your project budget is $1,00,000; when you reach $80,000, you would like to be notified. For this, you can set a threshold percentage as 80%.
Set Budget Threshold
- Click the gear icon
at the top-right corner. The settings window will appear.
- Select Budget Settings under Workspace Settings.
- Enter a threshold percentage in the Budget Threshold field.
Budget Progress Percentage
To measure project progress accurately, we will have to define a completion percentage for each custom status by project. Set a standardized percentage value for each custom status in the project. This will enable consistent calculation of project completion across all projects.
For example: As a project owner, you would like to know the status of your project completion in percentage. Your project is currently in Testing. When you set a percentage for the statuses, you will know how much percentage the project has been completed and how much is left to be completed.
|
Custom Status
|
Completion Percentage
|
|
Not Started
|
0%
|
|
Planning
|
10%
|
|
Design Phase
|
25%
|
|
Development
|
50%
|
|
Testing
|
75%
|
|
Final Review
|
90%
|
|
Completed
|
100%
|
This approach ensures that each project status reflects real progress, making it easier to track the project percentage.
Click the Custom Status hyperlink, as shown in the screenshot below, to set the percentage for the custom statuses.
Other Configuration
Select the Timesheet Status fields to be considered when calculating the budget of the project.
Budget Currency
The organization's default currency will be determined automatically based on their organization's data centre (US, AU, EU, etc). You can also add currencies in addition to the default currency. Zoho Sprints support 185 currencies.
Add Currency
- Click the gear icon at the top-right corner. The settings window will appear.
- Select Budget Settings under Workspace Settings.
- Click the + Currency button and select the currency from the Currency drop-down field.
- Add a Symbol and enter the exchange rate.
- Customize the Symbol, Decimal, Display Format, and Exchange rate, if required.
- Click Add.
It is essential to set a base currency for your organization, and this currency will be the default currency set for the organization. The base currency's symbol, decimal, and display format can be edited, but the base currency can't be deleted once set. When you create a budget, this currency will be prepopulated, and it can be changed if needed from the Create Project form.
Note: Once you add new currencies to your organization, the currency drop-down field in the Create Project form will list only the currencies that you have added to the organization.
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