Set a budget that matches how this client pays, so you can see at any time how much of it has been used and whether the project is still profitable.
| What | Choose a budget type, set the budget, and check the rates that apply on this project. |
| Why | Logged time and expenses are tracked against the budget, so you spot overruns before the client does. |
| Who | Site administrators, project administrators, and users with the Manage project budget permission. |
This is step 4 of 7 in the Project Manager onboarding path. About 15 minutes.
Set your budget
1. Choose the budget type
| If the client pays... | Use | See |
| For the hours you work | Time and materials | Time and Materials Project Budgets |
| A set price for the whole project | Fixed fee | Fixed Fee Project Budgets |
| A regular amount each month or period | Retainer | Retainer Project Budgets |
You can also set a budget for each task list, to track phases separately. See Task List Budgets.
2. Add the budget
- Open your project and go to the Finance section.
- Select the Budgets tab and add a budget.
- Choose the budget type and enter the amount, in hours or money, and the dates it covers.
If your project came from a template with a budget, check the amount and dates match this client's agreement.
3. Check the rates on this project
Budgets use your team's billable rates to work out how much has been used. If this client is charged differently from your standard rates, set project rates. See Project Rates.
4. Add expected expenses (optional)
Add costs that are not time, such as software, travel or contractors, so they count against the budget. See Project Budget Expenses.
Done when
- Your project has a budget that matches the client agreement.
- Project rates are set if this client is charged differently.
Next step: Step 5: Bring your client into the project.