Project budgets let you set a budget type and monitor the burndown based on scheduled (and/or logged - if you are on a Pro or Enterprise plans) hours and hourly rates. Your budget progress is displayed on the Projects page, within the individual project side panel, and on the Projects view on the Report page.
There are three project budget types available within Float:
Hours-based
Hours by project
Hours by phase
Fee-based
Fee by project
Fee by phase
Hourly fee
Hours-based
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.
Phase
If your project has phases, you can set the hours budget for each phase.
Fee-based
Project
In the Budget section, set the total project fee (e.g., $50,000). In the Team section, you can configure the hourly rate for each team member. The hourly rate can be different for each person or the same for everyone on the project team.
Phase
If your project has phases, you can also set a total fee for each phase.
Hourly fee
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 section within the project side panel.
💡 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.
Additional info
The project's tasks can be set as billable or non-billable from the Tasks section. 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 permission box "View everyone's rates and their project budgets" on the Access tab of the Manager's 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 scheduled time for archived people. This budget does not consider any logged time.
For more information on monitoring your project budgets, check out the Project Reports article.