Budget Item Overview

Budget Items help you make comparisons between financial data for the past accounting or budgeting periods and estimated figures for the current or future periods

In ProjectTeam.com, you can easily track each individual Budget Item by setting the original budget amount and adding or subtracting through Budget Amendments.

Budget Item Form

General Tab

Subject (Required)
Type: Text (Single line)
Details: The subject acts as the title of your Budget Item. In many cases, users like to add the description of the associated account code as the subject of the Budget Item.

Account Code
Type: Account Code
Details: This field is a picklist of account codes defined on the project for the company that creates the Budget Item. The list always matches the account codes set up by the creator company's list, even if the Budget Item form is shared to other users. For example, if you create a new Budget Item, the list will show your company's account code list. If a user from a different company creates a Budget Item and shares to you, the list will show their account code list.

Original Budget Amount
Type: Number (Currency)
Details: The budgeted amount that was originally allocated to bring the item to completion. Any Budget Amendments added based on the associated account code will add to or subtract from this amount.

Total Approved Budget Amendments
Type: Read-only calculated field
Details: Total of all approved Budget Amendments (Detailed in the Budget Amendments tab).

Revised Budget
Type: Read-only calculated field
Details: Original Budget Amount + Approved Budget Amendments

Total Pending Budget Amendments
Type: Read-only calculated field
Details: Total of all non-approved Budget Amendments (Detailed in the Budget Amendments tab).

Pending Revised Budget
Type: Read-only calculated field
Details: Revised Budget + Pending Budget Amendments

Budget Amendments Tab

The Budget Amendments tab shows two collections. The rows of each collection come from the Budget Amendments form type where the account code matches the code used on the Budget Item.

When new Budget Amendments are created but not yet approved, they will appear in the "Pending Budget Amendments" collection. Once they get approved, they move to the "Approved Budget Amendments" collection.

Approving the Budget Item

Once you add your initial budget information, you have the option to approve each item individually or approve all at once from the Budget Items log. To approve the Budget Item, click the Approve Budget Item button on top of the form in view mode.

Clicking the Approve Budget Item button will bring up a confirmation modal. The confirmation modal notifies the user that after marking the form final and saving, certain fields will be locked and no additional changes can be made. Those fields include:

  • Account Code

  • Original Budget Amount

In the confirmation modal, you are required to add an "Approved Date". Choose the date that the Budget Item was approved from the calendar picker field. Once complete, click "Yes" to approve and lock.

Unapproving the Budget Item

*Note: Only Project Administrators can unapprove forms. 

If there has been a mistake and the Budget Item was marked "Approved" prematurely, you can unapprove it to edit again. To unapprove, click the options (...) button on the top right of the Budget Item form in view mode. In the "Related Actions" section of the dropdown, click the Unapprove option.

You will be prompted by a confirmation modal asking if you really want to unapprove. If you select Yes, the Budget Item will be unlocked and users will be able to edit again.