Labor Budgets
Labor Budgets allow the planning of the amount of hours and billable dollars staff will generate during the year. This is helpful for forecasting labor revenue when people may work more than a standard work week. These labor budgets are then used in the Chargeability Reports.
This also allows the calculation of revenue per employee in situations where an employee(s) that is strictly overhead and do not fill out time sheets directly to a project. For each budget, the total available hours, target billable hours and total billable dollars that a staff person is expected to generate each month can be specified.
There are security rights which may prevent the ability to see staff from other GL Companies, offices or departments. This way each department manager is able to enter a budget for each of their employees.
Add a Labor Budget
Go to Menu > Accounting >Today-Accounting > at the top click
> Labor Budgets.
or Menu > Accounting >Today-Accounting > Views: Labor Budgets> at top of page clickNew
Title: (required) Enter a descriptive name for the budget. NOTE: Including the year in the Title helps to organize the Labor budgets.
Employee Available Annual Annual Hours: enter total hours to be accounted for in the year by each employee (i.e. 2080).
Target Billable %: enter the percent as a whole number as to what percent of the employees time should be billable (i.e. 75). NOTE: this will be used to create the budget for all employees but can be adjusted on the individual employee level.
Click SAVE to create the labor budget
The new labor budget will be created and contain each employee and may be grouped by GL Company/Office/Department.
Managing the Budget
Once created you are able to adjust the labor budget in the following ways:
Edit Budget: >click ...more >Edit Budget
The panel allows you to:
Edit Title of the Labor Budget
Active: check/uncheck to make the labor budget active/inactive for Chargeability reporting.
Click SAVE
Add Person: click ...more>Add Person
Person: Select an employee from drop down list
Billable Hours: enter in total yearly hours
Target Billable %: enter in whole number percentage
Hourly Rate: enter in hourly billable rate for the selected employee
Click SAVE
Edit Budget
When creating a new budget, the system will set the Available Hours and Target Percentage the same for each employee.
To edit the individual employee annual details, click into the fields to update the Available hours, Target %, Target Hours, Hourly Rate, Annual Gross and comments field.
To Edit an individual Employee’s monthly detail, click on the Employee’s name. This will open the Month Detail panel. In this screen, the Available Hours, Target %, Target Hours and Total Gross for each Month can be updated.
To Mass Update multiple employees, select the lines to update. Click on Mass Update.
In the Update panel, the Available Hours, Target Billable % and Hourly Rate can be set for those selected employees.
To Mass Delete multiple employees, select the lines to delete. Click on Mass Delete. The selected lines will be deleted from the Labor Budget.
Chargeability Reports
Menu>Everyone>Report Center>Project Financial Reports>
You can use the Chargeability Summary - Hours and/or Chargeability Summary - Dollars to view comparison of Budget vs. Actual.