Project budgets

Keep track of your project budgets

Justyna Kawalec avatar
Written by Justyna Kawalec
Updated over a week ago

Project budgets let you set a budget type and monitor the burndown based on scheduled (and/or logged —if you use time tracking features) hours and hourly rates.

When the project budget is set, the remaining budget is displayed on the Projects and Project plan pages and in the projects view on the Report page.

There are three main project budget types available within Float:

1) Hours-based

  • Hours by project

  • Hours by phase

2) Fee-based

  • Fee by project

  • Fee by phase

3) Hourly fee

You can set them up in the Budget tab of each project.

Hours-based project budget

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.

hours-based project budget


Phase

If your project has phases, you can set the hours budget for each phase. 

hours by phase project budget

Fee-based project budget

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. You can use their default hourly rates or set up new project rates.

Setting up team rates.

 

Phase

If your project has phases, you can also set a total fee for each phase. In the Team tab of each project phase, you can set up phase hourly rates that apply to that phase only.

Hourly fee project budget

Set your team's hourly rates and track the costs of each assigned allocation. 

As with the total fee budget, rates can be customized for each person or set across the board. Project and phase-specific hourly rates can be set in the Team section of each project and phase.


💡 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 in 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 Admins can see project budget rates. Project Managers can be granted this access individually by checking the View everyone's rates and their project budgets permission box in the Access tab of the their profile.

  • The remaining budget displayed on the Projects page, the Project Plan page, and the allocation menu is based on scheduled hours only. It includes scheduled time for archived people but does not consider logged time.

  • We don't currently offer project expense tracking in Float.

  • Check out the Project Reports article for more information on monitoring your project budgets.

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