✔  Available on Grow and Scale subscriptions 1

What
Create hourly or fixed fee budgets to track project budget as work progresses.
Why
  • Know how much time should be spent on a project — kick off the project with a budget, and stick to it!
  • Monitor resources as the project progresses.
  • Take action when it looks like the project could go over budget.
Who
  • Site admins (can view and manage budgets on all projects)
  • Project admins (can access the project's Finance > Budgets section and view, manage, and create budgets on projects where they are an admin)
  • Standard users and client users with the project permission:
    • View project budget (grants users view-only access to the project's Finance > Budgets section)
    • Manage project budget (allows users create and manage budgets)
When
If you're working on a one-off project with a specifically defined outcome (i.e. providing a finished piece of work or specific deliverable) where you need to track budget. Or when you need to budget more granularly for subsets of work using task list budgets.
What
Create hourly or fixed fee budgets to track project budget as work progresses.
Why
  • Know how much time should be spent on a project — kick off the project with a budget, and stick to it!
  • Monitor resources as the project progresses.
  • Take action when it looks like the project could go over budget.
Who
  • Site admins (can view and manage budgets on all projects)
  • Project admins (can access the project's Finance > Budgets section and view, manage, and create budgets on projects where they are an admin)
  • Standard users and client users with the project permission:
    • View project budget (grants users view-only access to the project's Finance > Budgets section)
    • Manage project budget (allows users create and manage budgets)
When
If you're working on a one-off project with a specifically defined outcome (i.e. providing a finished piece of work or specific deliverable) where you need to track budget. Or when you need to budget more granularly for subsets of work using task list budgets.

Before you start

  • Budgets require a project's Time and Finance features be turned on.
  • Each project can have one active budget at a time.
  • Standard budgets can be based on total hours or total fee.

Feature limits

Plan
Number of total hours budgets
 Number of financial (total fee) budgets
Grow (& Premium)
Unlimited
30 active
Scale (& Enterprise)
Unlimited
Unlimited
Plan
Number of total hours budgets
 Number of financial (total fee) budgets
Grow (& Premium)
Unlimited
30 active
Scale (& Enterprise)
Unlimited
Unlimited

Create a project budget

  1. Click Jump to in Teamwork's main navigation menu.
  2. Search for and select a project.
  3. Switch to the Finance section from the project's navigation bar. The Finance tab might be hidden under the More... option.
  4. Select the Budgets tab.
  5. Click Add project budget in the Project budget panel. If an existing budget is set, click the ... (ellipsis) at the top of the panel, then click Add New Budget.

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  6. Select Standard as the budget type.


     
  7. Set the budget amount.
    1. Click the dropdown and choose Time or Financial.
    2. Enter the total budget value.The fields change (either time or currency based) depending on your chosen budget type — set an amount of hours and minutes or a monetary amount. 
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  8. Set a start date. Click the first date field and select a date.
  9. Set an end date. While a start date is required, this is optional but recommended so the budget isn't left open-ended. Prefer to manage resources week to week (or other increments)? Think of this as a way to run mini budgets throughout the project.
    ⚠️ Budgets, within one project, cannot be active on overlapping dates. Therefore, one budget's start and end dates cannot coincide with an existing (current or upcoming) budget's dates.
  10. Click the Budget is based on field to choose what type of time logs (billable, non-billable, or all time) count towards the budget's usage.
  11. Next:
    1. Stop there: Click Create standard budget.
    2. Level up: Set additional budget options (listed below), then click Create standard budget.
      1. Repeat: Click the Budget repeats field, then choose a repeat frequency (every X days, weeks, or months).
        📝 Use repeats in conjunction with start and end dates to auto-create new budgets at regular intervals as your project progresses.
      2. Default billable rate: Under Advanced options, check the Set default billable rate checkbox and enter a monetary value. This is the default rate applied to users when calculating their billable time.
      3. Notifications: Under Advanced options, check the Notify checkbox to set up notifications to go out when a specified amount of the budget has been used. For each notification, you can set:
        1. Recipient(s) - click the user field to choose one or multiple project members to receive notifications.
        2. Notification type - click the type field and choose email or mobile push notification.
        3. Budget usage % - specify the usage percentage that, when reached (or exceeded), prompts the notification.
          💡 Click Add another notification to create additional usage alerts.

The budget is created and is displayed in the Project budget panel in the project's Finance > Budgets section.


Another option...

Project budgets can also be created from the project's Dashboard section.
  1. From the project's Dashboard tab, select the Summary tab.
  2. Scroll to the Project Budget panel.
  3. Click Add a budget. Existing budget set? Instead, click the ... (ellipsis), then select Add new budget.

View the current project budget

Budgets can be viewed from a project's Finance > Budgets section.

  1. Click Jump to in Teamwork's main navigation menu.
  2. Search for and select a project.
  3. Switch to the Finance section from the project's navigation bar. The Finance tab might be hidden under the More... option.
  4. Select the Budgets tab.

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  5. Scroll to the Project budget panel.

The panel displays the project's current budget, if one exists — this is an active budget with dates spanning the current date. Upcoming budgets (with start dates in the future) are not displayed until their start date arrives.

The current budget's properties are also displayed in the panel.

Budget total & type
The budget's total amount and type (hours or fee) is displayed at the top of the panel.
Graph
A graph shows the budget's usage. Hover over points in the graph to see usage at a specific point.
Usage bar
Displays a progress bar visualization showing the budget's current usage. You'll also see figures for:
  • Current amount used (hours or monetary value) and corresponding %
  • Remainder left and corresponding %
Dates
The budget's current start and end dates (if set)
Repeats
The budget's repeat interval.
Based on
The budget's basis — billable, non-billable, or all time.
Notifications
Existing notifications set up for the budget.
Budget total & type
The budget's total amount and type (hours or fee) is displayed at the top of the panel.
Graph
A graph shows the budget's usage. Hover over points in the graph to see usage at a specific point.
Usage bar
Displays a progress bar visualization showing the budget's current usage. You'll also see figures for:
  • Current amount used (hours or monetary value) and corresponding %
  • Remainder left and corresponding %
Dates
The budget's current start and end dates (if set)
Repeats
The budget's repeat interval.
Based on
The budget's basis — billable, non-billable, or all time.
Notifications
Existing notifications set up for the budget.


Edit the current project budget

Update the current budget's details such as total budget and dates.

⚠️ Once created, you cannot convert a standard non-repeating budget into a repeating budget.
⚠️ A repeating budget's start date cannot be edited. You'll need to delete the budget and create a new repeating budget with your new date and repeat frequency requirements.

  1. Click Jump to in Teamwork's main navigation menu.
  2. Search for and select a project.
  3. Switch to the Finance section from the project's navigation bar. The Finance tab might be hidden under the More... option.
  4. Select the Budgets tab.
  5. Scroll to the Project budget panel. The budget's properties are displayed alongside the usage graph in the budget panel.
     
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  6. Click a field, then choose a new option. Each field (with the exception of repeats) is editable — you can adjust the budget's settings directly from the panel!
    📝 Click the X beside an existing notification to remove it, or click Add another notification to create a new one.



Another option...

In addition to the quick edit options, you can also make updates via the full budget window. 
  1. From the project's Finance > Budgets section, scroll to the Project budget panel.
  2. Hover over the budget type label (total hours or total fee).
  3. Click the pencil icon to open the Edit Budget window.

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End the current project budget

No longer need the current budget? You can end the current budget to archive it.

  1. Click Jump to in Teamwork's main navigation menu.
  2. Search for and select a project.
  3. Switch to the Finance section from the project's navigation bar. The Finance tab might be hidden under the More... option.
  4. Select the Budgets tab.
  5. Scroll to the Project budget panel.
  6. Click the ... (ellipsis).
  7. Select End current budget.
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The budget ends and is archived. It is listed in the project's budget history.
 

Delete the current project budget

Ending (archiving) the budget not permanent enough? Delete the current budget to remove it completely.

  1. Click Jump to in Teamwork's main navigation menu.
  2. Search for and select a project.
  3. Switch to the Finance section from the project's navigation bar. The Finance tab might be hidden under the More... option.
  4. Select the Budgets tab.
  5. Scroll to the Project budget panel.
  6. Click the ... (ellipsis).
  7. Select Delete budget.
  8. Click OK in the confirmation window.




View upcoming project budgets

View budgets that have start dates in the future.

  1. Click Jump to in Teamwork's main navigation menu.
  2. Search for and select a project.
  3. Switch to the Finance section from the project's navigation bar. The Finance tab might be hidden under the More... option.
  4. Select the Budgets tab.
  5. Scroll to the Project budget panel.
  6. Click the ... (ellipsis).
  7. Select View upcoming budgets.
     
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    📝 The Upcoming budgets window lists the project's upcoming budgets, their value, dates, and whether they repeat.
  8. Next:
    1. Stop there: Click Close.
    2. Keep going: Manage existing budgets (options listed below), then click Close.
      1. Edit - click the pencil icon.
      2. Delete - click the trash can.

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View historical project budgets

When a budget is ended manually or its associated dates have passed, it is moved to the budget history.

  1. Click Jump to in Teamwork's main navigation menu.
  2. Search for and select a project.
  3. Switch to the Finance section from the project's navigation bar. The Finance tab might be hidden under the More... option.
  4. Select the Budgets tab. 
  5. Scroll to the end of the Project budget panel.
  6. Click View historical budgets.

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  7. Select a historical budget from the list on the left to view its details and usage graph.

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  8. Next:
    1. Stop there: Click Close to return to the Budgets view.
    2. Keep going: Click the trash can to delete the historical budget, before clicking Close.

Best practices

  • Stay informed: Review project budget during weekly meetings to ensure that 1) you're on budget and 2) data is being appropriately tracked (i.e. time is being logged). 
  • Create budgets at the start: Add a budget as part of the process of kicking off a project or task list — even better, add budgets to project templates if you can.

Elevate

  • Granular financial visibility: Drill down into your project budget by creating budgets for each task list.
  • Expense tracking: Account for one-off costs associated with a project by creating budget expenses in conjunction with a financial (fee-based) project budget.
  • Smart budgeting: Use retainer budgets for ongoing client work, rolling leftover budget from one period to the next.

Put it into practice

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1. Also available on legacy subscriptions: Premium, Enterprise.