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The Project Financials Report gives you a clear, phase-by-phase breakdown of a project's financials - tracking budgets, billing, expenses, consultant costs, and profitability. This guide walks through how the report is calculated, what data is included, and how to make the most of its insights.
The Project Financials Report consolidates key financial metrics:
Phase-level data: budgets, hours logged, invoiced amounts, and payments received
Consultant billing and payment statuses
Expenses and Other Items billed to the client
Profit, cost, and margin (for firms not integrated with QuickBooks Online)
For this report to be accurate, you'll need to create Invoices for your projects within Monograph. If you're unsure what needs to be invoiced across your projects, use the Unbilled Report to view outstanding billable work.
🚨 This report can only be accessed by users who have "Edit All Projects" or "Edit Assigned Projects" permissions enabled.
How the Project Financials Report is Calculated
Firms integrated with QuickBooks Online will no longer see the Cost, Profit, and Margin columns in the Project Financials Report. Instead, please refer to the Project Profit Report for this information after importing your costs.
The Project Financials Report is calculated using time logged within Timesheets, in conjunction with each phase's budget and consultants budgets and the total amounts invoiced & marked as paid within Invoices.
⚠️ Without all of this information being completed, your report will be inaccurate.
Here is how the math works:
Phases
Planned - the total fee or max cap fee set up in the Project Budget
% Logged - represents what time has been logged compared to the Planned/Max Cap amount.
Logged - the total billable and non-billable time logged in timesheets.
Unbilled - all billable activity logged in timesheets that has not been invoiced.
If the balance is negative, it means that you have billed more than you logged.
% Billed - the percent of fees invoiced to date (not including drafts) compared to the Planned amount.
Billed - the total amount that has been invoiced to date (not including drafts), including taxes (if applicable).
Remaining - the Planned/Max Cap amount minus the billed amount.
Paid - the total amount of fees in Invoices marked as paid.
Partial payments are also reflected here.
Open - the total amount of fees in Invoices that are unpaid and not past due.
Partial payments are also reflected here.
Past Due - the total amount of fees in Invoices that are unpaid and past the invoice due date.
Cost* - is calculated by taking the number of hours logged by each individual and then multiplying that by that individual's cost. Three items in Settings are used to understand the cost per person per hour: Average Work Hours (for Salaried employees), Overhead Multiplier, and the Compensation for each individual.
For Hourly employees, their hourly rate is multiplied by the Overhead multiplier to get to their cost per hour.
For Salaried employees, the salary is divided by the Average Work Hours per year, then multiplied by the Overhead multiplier to get a cost-per-hour rate.
Profit* - takes the total amount of Service fees (previously Architectural Fee) of all Open, Paid, and Past Due invoices and subtracts the cost.
Margin* - this is defined as the Cost divided by the Profit and multiplied by 100 to get a percent.
*Cost, Profit, and Margin columns will only appear for firms that are not integrated with QuickBooks Online. If you're integrated with QuickBooks Online, please refer to the Project Profit Report for this information after importing your costs.
Consultants
Consultant Company - the planned consultant for the project or phase.
Click on the Company name to open the Bills page filtered to that consultant and project.
Total Planned - each Consultant's budget that is set up in the Consultant tab of the Project Consultant fees plus any markups.
Consultant Fee - each Consultant's budget, excluding any markups.
Markup - the total markup applied to each Consultant.
Paid - the total amount you’ve already paid to each Consultant.
Owed - the total amount you still need to pay each Consultant.
Billed to Client - the total amount that has been invoiced to date (not including drafts), including taxes (if applicable).
Remaining - the Consultant budget amount minus the billed amount.
Paid by client- the total amount of the Consultant Fee that was paid by the client.
Open - the total amount of the Consultant Fee that has not yet been paid by the client.
Past Due - the total amount of the Consultant Fees on all unpaid invoices for the project.
Expenses
Logged - the total amount of the Expense that was logged.
Billed - the total amount of the Expense that was included on an invoice, including taxes (if applicable).
Paid - the total amount of the Expense that was paid by the client.
Open - the total amount of the Expense that has not yet been paid by the client.
Past Due - the total amount of the Expense that has been invoiced to the client and is past due.
Other
Item - the type of Item.
Description - a description of the item that was invoiced.
Invoice - the invoice number that the item was included on.
Quantity - the total quantity of the item that was invoiced.
Rate - the individual rate at which the item was invoiced.
Billed - the total amount that was invoiced, including taxes.
Paid - the total amount of the item that was paid by the client.
Open - the total amount of the item that has not yet been paid by the client.
Past Due - the total amount of the item that has been invoiced to the client and is past due.
For a breakdown of Billable and Non-billable hours that have been logged, hover over the total in the Logged column to see the details for both hours and fees.
Billable fees are calculated by multiplying the hours logged by each individual's hourly rate. Non-billable hours can include internal meetings, firm-initiated revisions, or anything you will track time against but not bill your customer.
🎓 Logged and Unbilled totals do not include hours without a Role. Ensure that your team's time logged for each Phase is associated with Roles.
Viewing and Export Options
In the top-right corner of the report, you’ll find the option to toggle display preferences related to consultants and export your data as a CSV file.
If your project includes Phase Consultants, a toggle labeled Include Consultant Services in Phases will appear.
When toggled off:
All consultant billing data will be displayed in its own dedicated section.
Phase-level details will only include Architectural Services (not consultant fees).
Project Consultants appear at the top; Phase Consultants appear below.
Click the down arrow next to a Phase Consultant to expand and view billing progress by phase.
When toggled on:
Phase Consultant billing data is integrated into the same rows as each phase.
Each phase displays both Architectural and Consultant Services (where applicable).
Consultant Services reflect the total planned fees and billing progress.
A separate Consultants section will still show detailed progress for each consultant.
Note: Logged hours are not tracked for consultants, so % Logged, Logged, and Unbilled for consultants will display as "--".
Expenses
Expenses in this report will show all expenses that have been selected to send to a client as well as their payment status. The 'Item' section will display the Expense category selected. If you would like to further customize the Items list, you can go to Settings > App Defaults > Expense Categories.
Other Items
Other is a catch-all field for anything you need to bill the client for that does not fit into Fixed Fee Services, Hourly Services, Consultant Services, or Expenses categories. Examples of this may be discounts or retainers. Each 'Other' item created in your invoices will show here. Negative amounts, or credits for your client, will be shown in red.
🎓 To learn more about adding Expenses or Other Items to your Invoice we recommend referring to the Building Your Invoice article.
Viewing Payment Statuses in Project Financials Reports
As you send invoices, you will be able to see what amounts have been paid, open, and are past due for Phases, Consultants, Expenses and Other Items. The totals for each section are shown as bolded in the bottom row.
Each section of the report summarizes the following:
Paid - Total from invoices marked Paid
Open - Sent to client but not yet paid
Past Due - Sent and unpaid beyond the invoice due date
These totals appear in bold at the bottom of each section.
To learn how Monograph handles invoice payments and automatic status updates, see the Payments Overview.
📚 Learn more about allowing invoice payments through Monograph here!