Actual vs Budget Reports: Data Glossary

Before you start using Actual vs Budget reports it’s useful to understand where the data they display comes from. We’ve included a definition for the relevant columns, (including an example calculation where applicable) in this article, to be read side by side with Creating and managing tasks, and Actual vs Budget Reports.

  • Actual Hours
  • Actual Value
  • Consultant Fees
  • Consultant Fees invoiced
  • Disb Budget to Completion
  • Disbursements invoiced
  • Fee/Fixed Fee/Fee Estimate
  • Fee Estimate
  • Fees invoiced 
  • Forecast Completed Value
  • Percentage Fee Consumed (% Fee Consumed)
  • Percentage of Budget Spent/ %ge of Budget Spent
  • Progress Assessment
  • Projected Additional Hours
  • Projected Additional Value
  • Project Fee Budget
  • WIP Value Fee Contribution
  • Unbilled Fees
  • Variance

  • Actual HoursA sum of the total hours spent on the project, sometimes rounded to a whole number. In some reports you can choose whether to show the Actuals for the life of the Job, or for a certain date range.

    AbtracOnLine - Date filtering for Actuals

    AbtracOnLine – Date filtering for Actuals

  • Actual Value/Actual Fees – This is the total cost of the actual time spent.= Hours Worked x Employee Charge RateCharge rate is the default unit, however the report:Actual vs Budget by Project and Task will allow you to choose whether charge or cost rate is used.

    AbtracOnLine – Charge or Cost rate for Actuals

    AbtracOnLine – Charge or Cost rate for Actuals

  • Consultant Fees – the budget entered from the ‘Sub consultants we invoice’ field in the Project tasks screen.
  • Consultant Fees invoiced – shows the invoice line amount for that task. This field will only show an invoiced amount in Actual vs Budget reports if the invoice line amount also has a sub-consultant disbursement assigned to it. If there is no disbursement, then the invoiced amount is unable to be assigned to an task.
  • Disb Budget to Completion – used in place of the Disbursements estimate for a task and displayed in the Actual vs Budget by Project, Task and Additional Values report
  • Disbursements invoiced – shows the invoice line amount for that task. This field will only show an invoiced amount in Actual vs Budget reports if the invoice line amount also has a disbursement assigned to it. If there is no disbursement, then the invoiced amount is unable to be assigned to an task.
  • Fee/Fixed Fee/Fee EstimateThis is the Fee estimate from your Project Billing Details. It will be the sum of your task fee estimates, alternately you can entered an single amount directly into this field.
    AbtracOnLine - Project Fee Estimate

    AbtracOnLine – Project Fee Estimate

  • Fee Estimate – Can also be the estimated fee for each task. Either calulated by Abtrac from Hours x Charge Rates, or a number entered by you.
  • Fees invoiced – shows the invoice line amount for that task. This field will only show an invoiced amount in Actual vs Budget reports if the invoice line amount also has time assigned to it. If there is no time, then the invoiced amount is unable to be assigned to an task.
  • Forecast Completed Value – displayed in the Actual vs Budget by Project, Task and Additional Values report. A calculation of :

Estimated Value + Projected Additional Value + Disbursements Actual + Disbursements Budget to Completion = Forecast Completed Value

  • Percentage Fee Consumed (% Fee Consumed) – The fee estimate less the actual value.
  • Percentage of Budget Spent/ %ge of Budget Spent – Actual Fees divided by the Fees invoiced (Another way of looking at write ons/ write offs)
  • Projected Additional Hours – a second estimate of time against an task with an original hours budget
  • Projected Additional Value – the additional fee value calculated from any Projected Additional Hours
  • Progress Assessment/% Progress – usually entered by the project manager it indicates how far through each stage the team feel they are  – “I think we’re nearly halfway” etc…This percentage is not related to any estimates or actual amounts.From the Project Tasks screen right click on any task line to enter one of more project assessments for each task.
    AbtracOnLine - Right Click to Enter Progress Percentage estimates

    AbtracOnLine – Right Click to Enter Progress Percentage estimates

    AbtracOnLine - Task Progress Assessment

  • Project Fee Budget  – another name for the Fixed Fee/Total Fee Estimate.
  • WIP Value Fee Contribution – the value of hours worked by each employee on the project, apportioned to the total Fees invoiced.For the WIP Value Fee Contribution figure to be relevant all hours worked on a project must be assigned to an invoice line amount (even if that amount is zero).
  • Unbilled Fees – the value of any time for a task which is yet to be assigned to an invoice line.
  • Variance – the difference between the budget amounts and actuals in each report. This will be either hours, value of hours, fees etc.

 

Abtrac KB# 2068