Project Financials Report
The Project Financials Report allows you to compare the current state of a project's financials, phase by phase, by combining logged time and invoice totals into one report.
Within this report, you're able to easily see each phase's Status, Planned Budget/Max Cap, percent Complete, total fees Billed, total fees Logged, total fees Unbilled, total amount of Paid invoices, total amount of Open invoices, and the total amount of Past Due invoices.
For this report to be accurate, you'll need to create Invoices for your projects within Monograph.
🚨 This report can only be accessed by users who have "Can Edit All Projects" or "Can Edit Assigned Projects" permissions enabled.
Why is the Project Financials Report important?
It's important to understand where your organization sits in terms of work you've already completed for a project, compared to total work planned, total work billed, and total work paid for that project.
This report gives you great financial insights on a project, such as:
The total amount of hours and fees that have been logged on a phase compared to how much has been billed.
The total amount that has been billed for the project but not paid by the client.
The percentage of the budget that has been used for each phase.
What unpaid amounts are past due.
How the Project Financials Report is Calculated
The Project Financials Report is calculated using time logged within Timesheets, in conjunction with each phase's budget in the Project Planner and the total amounts invoiced and marked as paid within Invoices. Without all of this information being completed, your report will be inaccurate.
Here is how the math works:
Planned/Max Cap - the total fee or max cap fee.
% Complete - the percent of the total/max cap that has been previously invoiced.
Billed - the total amount of fees invoiced to date (not including drafts).
Logged - the total amount of fees logged in timesheets to date.
Unbilled - the total amount of value that has been logged in timesheets but not billed.
Paid - the total amount of fees in Invoices marked as paid.
Open - the total amount of fees in Invoices that are unpaid and not past due.
Past Due - the total amount of fees in Invoices that are unpaid and past the invoice due date.
Other - the total amount of fees invoiced that are not tied to a phase within Invoices. Allocate these amounts to Phases by editing invoices.
For older projects prior to November 2021, Planned/Max Cap is the total fee (plus contingency* for fixed phases) or max cap fee. If you used contingency, please see the bottom of this article for steps on how to remove it.
🎓 Logged and Unbilled totals do not include hours without a Role.
Use the Audit Timesheet feature to ensure that your team's logged Activities for each Phase are associated with Roles.
*As of November 2021, contingency is no longer supported. After many conversations with customers, we’ve learned that contingency doesn’t belong at the contract level.
If you have an active project with an amount for contingency, an admin will need to remove the amount by following the steps below.
Go to the Project, click Edit.
Open the Budget Calculator and unlock the Project Budget.
Remove the contingency amount and lock the Project Budget before clicking "Update".
Decide if you’d like to leave that amount unallocated or distribute it across your phases.
The easiest option is to leave the contingency amount unallocated in your Remaining Budget. This way, it's here whenever you need to pull from in any phase as you progress, or it can remain unspent if you don't use it.
If you're instead distributing it across your phases, you can allocate it all to one phase, or you can divide and allocate it across all phases. If doing this, you'll need to unlock the phase budget(s), update the phase budget(s), and then click on the lock buttons for each applicable phase when complete.