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 Reports page by selecting the Projects tab.
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 tasks 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., $20,000) and your team's hourly rate. The hourly rate can be different for each person or the same for the whole team.
When new tasks 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 the same across the board. Project-specific hourly rates can be set from the Team tab within the Project menu.
💡 Here's a tip: Default hourly rates for your team are set within their individual profiles on the People page. Updating a person's default rate will not change their rate for existing projects.
Hours by phase
Set an hours budget for each project phase that you create. For more info on project phases, check out this help article.
Fee by phase
Set a total fee for each project phase that you create.
Tasks can be set as billable or non-billable from the Tasks 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.
Dragging a task to extend it will display a notification at the top of the Schedule when the project is over budget.
The default currency for your team can be changed from the Team Settings page.
All Admins can see project budget rates. Project Managers can be granted this access on an individual basis by checking the permissions box within their profile.
For more information on monitoring your project budgets, check out the Project Reports help article.