Quick answer: To set a project budget in Teamwork.com, open the project's Finance section, select the Budgets tab and add a budget. Choose time and materials, fixed fee or retainer to match how the client pays, then enter the amount and dates. Set project rates if this client is charged differently.
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.

How do I set a project budget in Teamwork.com?

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

  1. Open your project and go to the Finance section.
  2. Select the Budgets tab and add a budget.
  3. 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.

How do I know this step is done?

  • 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.

Frequently asked questions

Which budget type should I use?

Use time and materials if the client pays for hours worked, fixed fee for a set price, and retainer for a regular amount each month or period.

Can I budget each phase separately?

Yes. Set a budget for each task list to track phases separately. See Task List Budgets.

Can expenses count against the budget?

Yes. Add costs that aren't time, such as software, travel or contractors. See Project Budget Expenses.

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