Successfully set up your project by adding costs, timetracking and budget to your milestones? You might be wondering how the values of the columns in your product overview are calculated. Find your questions answered in this article!


First of all, make the following columns visible in the overview of your projects via the cogwheel in the bottom right corner. Some of these columns you’ll already have by default. Next, place the columns in the following order:

  • Budget planning
  • Internal budget spent
  • External budget spent
  • Budget spent
  • Revenue
  • Budget left


 

The calculation will be slightly different depending on whether you invoice your milestones according to Time & Material or according to Fixed price. Depending on your way of invoicing, find the following explanation below.


Note: You can select the billing method of each milestone when creating the project. 

Scenario 1: invoicing milestones according to “Time & Material”

You chose to invoice your milestones according to 'Time & Material'. Find out what these project columns mean and how they are calculated:

  • Budget planning = what you have entered as a budget on project level
  • Internal budget spent = total sum (of all milestones) of what you spent on timetracking 
  • External budget spent = the external costs that you have added to your project
  • Budget spent = the sum of internal budget used + external budget spent
  • Revenue = here it mostly is identical to "budget spent" because you work according to Time & Material. If you have 'non-invoiceable' timetrackings, however, then it will be the sum of only the invoiceable time and costs.
  • Budget left = revenue - budget spent. Since the budget spent is always the same or more than the revenue, your "budget left" will always be 0.

 

The original budget that you have entered in your project is not taken into account, only what you have used as Time & Material and what you will actually invoice.

 

Scenario 2: invoicing milestones according to "Fixed price"

You chose to invoice your milestones according to 'Fixed price'. Find out what these project columns mean and how they are calculated: 

  • Budget planning = what you have entered as a budget on project level
  • Internal budget spent = total sum (of all milestones) of what you spent on timetracking 
  • External budget spent = the external costs that you have added to your project
  • Budget spent = internal budget used + external budget spent
  • Revenue = (the sum of the budgets of your milestones that will be invoiced according to "fixed price") + (the "amount" of the milestones invoiced according to "time & material"). The logic behind this is that the total turnover is what you will eventually invoice.
  • Budget left = revenue - budget spent. So here it is possible that you see an amount.