Project budgets let you plan, set, and keep track of all of your project hours and costs. Your budget progress is displayed on the Projects page, within the individual project menu, and on the Projects view on the Report page.
There are five project budget types available within Float.
Hours by project
Set the overall time to be spent on a project (e.g., 200 hours). When new allocations are scheduled, the number of hours remaining in the project budget is reduced accordingly.
Fee by project
Set the overall cost of a project (e.g., $50,000) and your team's hourly rate. The hourly rate can be different for each person or the same for the whole team. When new allocations are scheduled, their cost is subtracted from the project budget.
Set your team's hourly rates and track the costs of each task they are assigned.
As with the total fee budget, rates can be customized for each person or set across the board. Project-specific hourly rates can be selected from the Team tab within the project menu.
💡 Here's a tip: Your team member's default hourly rates are set in the Info tab of their profiles. Updating a person's default rate will not change their rate for existing projects.
Hours by phase
If your project has phases, you can set the hours budget for each of them.
Fee by phase
If your project has phases, you can also set a total fee for each of them.
The project's tasks can be set as billable or non-billable from the Tasks list tab. Non-billable tasks added to billable projects will not count towards your project budget.
The budget summary will display red when a project is over budget.
The default currency for your team can be changed from the Team settings > Hours & currency.
The account owner and all the Admins can see project budget rates. Project Managers can be granted this access individually by checking the permissions box within their profile.
On the Projects page, the Project Plan page, and in the allocation menu, the remaining budget is based on scheduled hours only, and it includes archived people. This budget does not consider any logged time.
For more information on monitoring your project budgets, check out the Project Reports help article.