Project > Expense Forecast

By forecasting your project expenses, you can monitor these forecasts against the initial budgets allocated in the Fee Allocation or Estimates screen, and keep a track of actual expenses incurred against both the original budget and ongoing forecasts.

Expense forecasts are added to a project via Projects > Project > Expense Forecasts.

New Expense Forecast Item

1. Open the required Project and go to the Expense Forecast page.

2. Click on New Expense Forecast Item.

3. Enter a Name for the item – this is a free text field.

4. Select the Task against which the expense will be incurred.

5. Select the Expense Type.

6. Select the Supplier.

7. Select the Tax Rate applicable.

8. Select the Unit type – days, hours or volume (this is the type for the measurement of the quantity)

9. Enter the Net Unit Cost of each Unit

10. Enter the Quantity of Units

11. The Total Item Net, Total Item Tax and Total Item Gross fields will auto-populated.

12. If you want to flag the forecast as recoverable, tick the Recoverable check box.
    Doing so will prevent the forecast from being included in the Fee Allocation or Estimates screen for budget profit calculations.

13. Enter the Date the Expense Forecast Item becomes due or select the appropriate Task Milestone – note that if this is left blank then the due date will be the selected task or milestone’s calculated end date.

14. If the Expense Forecast Item is an expense which will Repeat at regular intervals at the same rate then it can be set to repeat – select the Yes radio button and then select the frequency of repetition – Repeat Every then the number of days, weeks, months, quarters, years.

15. Select the Number of Occurrences to end after or specify the End Date.

16. The Notes box allows for any free text notes regarding the Expense Forecast Item to be entered.

17. Click on Accept to close the item.

18. Click on Save to save the expense forecast.

19. Continue adding Expense Forecast Items in the same way and ensure to Save the Expense Forecast screen when finished.

20. The Total Net Cost and Total Gross Cost of all the Expense Forecast Items will be displayed at the top of the screen.

Note: Saved Expense Forecast Items identified as non-recoverable (step 12 above) will be included in the Total Cost £ column on the Fee Allocation screen.

Updating Expense Forecasts

1. To view and edit an existing Expense Forecast Item click on the Item Name.

2. Make any relevant changes to the forecast and click Accept.

3. Click on Save to save the expense forecast.

Delete Expense Forecast Item

1. To delete an Expense Forecast Item tick the box next to the Name and click on Delete Expense Forecast Item.

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