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Options relating to the Budget configuration are stored in the Time Ledger Budget Options.
To view or change these options:
Log into the Time Ledger.
Click Budgets.
From the menu select Options.
In order to see budgets you must have 'can see practice and client budgets' privilege. In order to change budgets you must have set client budget privilege.
A cost rate is used to evaluate the cost to the practice of any time or expense that is posted to the Time Ledger. Budgeting allows you to set, monitor, and evaluate the cost rates for each client on the Time Ledger. If you decide to budget cost rates you must select this option.
If Budgets should Include Cost figures is selected, the cost percentage of WIP will need to be entered on the Budget Option screen. Click here for information on the cost percentage of WIP
Actual Time Spent (in hours and minutes) is the time posted to a client account through timesheet or expense postings. Budgeting will allow you to set, monitor and evaluate the time spent on each client. To budget for time spent on a client you must select this option.
If Budgets should include figures for actual time spent is ticked then the rate per hour will need to be entered to calculate time. Click here for information on setting the rate per hour to calculate time.
Cost Rates can be calculated automatically as a percentage WIP For example, if WIP was budgeted for period 2001/1 for £200, and costs were calculated at 50% of WIP, then the cost figure is automatically calculated for £100. The advantage this brings is the saving of time as both cost rates and WIP charges will not have to be entered when setting the clients budget.
If you want to calculate cost automatically as a percentage of WIP ensure that this option is selected.
This option can be overridden by the 'Keep WIP/costs/time in step' option on the Client Budgets screen.
The Budgeted time figures can be calculated automatically from the WIP figure, calculated as a Rate per hour. For example, if WIP was budgeted for £100 for 2000/1 and the rate per hour was £100, then the time figure will automatically be calculated as 1 hour. This saves time manually entering both the time and WIP figures when entering the budget.
If you want to calculate time automatically as a percentage of WIP ensure that this option is selected.
This option can be overridden by the 'Keep WIP/ costs / time in step' option on the Client Budgets screen.
The cost of WIP figure is used to calculate the budget cost figures from WIP figure entered. For example, if WIP was budgeted for period 2001/1 for £200, and costs were calculated at 50% of WIP, then the cost figure is automatically calculated for £100. The figure used as the cost % of WIP is flexible with a higher figure showing a higher budgeted costs.
The example below is with a WIP value of £200:
| Cost % WIP | Budgeted Cost |
| 25% | 50 |
| 50% | 100 |
| 75% | 150 |
| 100% | 200 |
To use this cost of WIP figure ensure than both the Budget should include cost rates, and Keep cost figures for existing budget options are selected.
The Rate per hour figure is used to calculate the budget time figures when the WIP figure is entered example, if WIP was budgeted for £100 for 2000/1 and the rate per hour was £100, then the time figure will automatically be calculated as 1 hour. The higher the figure used with the WIP Rate per hour the lower the budget time figure will be.
The example below is with a WIP Value of £200:
| Rate per hour |
Budgeted Time |
| 200 | 1hr 0 minutes |
| 150 | 1hr 20 minutes |
| 100 | 2hrs 0 minutes |
| 50 | 4hrs 0 minutes |
To use the WIP Rate per hour ensure that both the Budget should include cost figures and keep figures for actual time are both selected.
If you have made changes to this screen, click OK to save and close the screen. Cancel will close the screen abandoning any of the changes made.
Budget reference
Creating a budget
Creating multiple budgets
Printing budgets