Project Budget Calculations

Time

Approved time blocks and all ad hoc project time transactions for the project:

The sum of the total hours grouped by worker and role per period. The rates use:
The standard cost amount in project currency on the time block.
The project currency from the project.
Workday compares a worker from the time transaction to the resource plan. If there’s more than 1 entry on the resource plan for that worker, Workday considers:
The assignment and association.
The most recent entry.

Journal Lines

The sum of all journal lines that match these elements:

Project and Project Company.
Ledger Account and Type (when listed as a dimension in the project hierarchy configuration or the tenant configuration).
Journal Status, Journal Line Type, and Journal Entry Type.
Budget dimensions from the project budget configuration, budget structure, and worktag values on the project.

Resource Forecast

If there are no actual worker hours logged to the worker time block or the ad hoc project time transaction, Workday draws on the resource forecast and uses:

The estimated hours by worker and project role from the resource forecast.
The standard cost rate and cost rate currency from the standard cost rate sheet for the project. Alternatively, Workday uses the override standard cost rate and cost rate currency from the resource plan line.

Resource Plan

Workday draws estimates from the resource plan and uses:

The estimated hours or percentage allocation by worker and project role.
The standard cost rate and cost rate currency from the standard cost rate sheet for the project. Alternatively, Workday uses the override standard cost rate and cost rate currency from the resource plan line.

Contract Rate Sheet

Workday gathers actual hours logged to the project and uses the project billing rate from the rate sheet on the customer contract, taking into consideration any billing rate rules.

Revenue Recognition Installments

Workday calculates

Fixed Fee - Installment

plans by pulling in installments from the revenue recognition schedule. Actuals come from journal lines.

Calculated Project Budget Line

Workday calculates

Fixed Fee - Percent Complete (Hours)

contracts using this source when:

Time hasn't been entered in the corresponding period. The calculated project budget line reverses the journal line without hours logged to the project.
A resource needs to recognize a revenue adjustment, but doesn’t have a resource forecast for hours in the current period. Example: Project EAC has changed, altering the percent complete for the corresponding resource.

Resource

Includes:

Unnamed resource, associated group, or worker on the resource forecast line.
Workers with time logged.

Role

Project worker, associated group, or unnamed resource role assignment on the resource plan line.

Period

Inclusive date range for calculation.

Hours

Total number of hours used in calculation.

Ledger Account

Ledger account for actuals.

Source

Draws from 1 of these origins:

Journal lines.
Resource forecasts.
Time blocks.
Ad hoc project time transactions.
Resource plan estimated hours or percentage allocation.
Installments from revenue recognition schedule.

Cost Rate

Cost rate derives at:

The transaction date of the time block.
The transaction date of the ad hoc project time transaction.
The period end date of the resource forecast line. Draws from either:
Override standard cost rate from the resource plan line.
Standard cost rate sheet, if override standard cost rate from resource plan is zero.

Cost Rate Currency

Cost rate currency derives at:

The transaction date of the time block.
The transaction date of the ad hoc project time transaction.
Currency is sourced from the time block as
Project Currency
.
The period end date of the resource forecast line. Draws from either:
Override standard cost rate currency from the resource plan line.
Standard cost rate sheet.

Cost Amount (Source Currency)

Multiplies the cost rate by hours using the source currency.

Cost Amount (Budget Currency)

Multiplies the cost rate by hours using the budget currency.

Cost Worktags

Worktags define:

The project.
The time cost of the budget configuration for the project hierarchy or the tenant.

Billable Hours

The total number of billable hours used in calculation. For project budgets created from resource forecasts at the task level, billable hours include:

Resource forecasted hours for project plan task, if you don't select the
Non-Billable
check box.
These current period time transactions, if you select the
Include Time Actuals in Current Period
check box:
Ad hoc project time transactions without the
Do Not Bill
status.
Worker time blocks without the
Do Not Bill
check box selected.

Days for Period

Calculates days from the contract rate sheet.

Billing Rate

Draws the contract rate sheet from the first applicable transaction for the period.

Billing Rate Currency

Draws from the contract rate sheet.

Revenue Amount (Source Currency)

Uses the source currency, the billable hours, and the billing rate with considerations from the billing rate rules.

Revenue Amount (Budget Currency)

Uses the budget currency, the billable hours, and the billing rate with considerations from the billing rate rules.

Billing Rate Rules

The billing rate rule types applied to calculate the revenue amount. These rules are from the contract rate sheet.

Project Inception to Date Hours

Workday calculates

Fixed Fee - Percent Complete (Hours)

revenue calculation methods as the total hours worked for matching budget lines from prior periods through the current period.

Project Estimated Hours at Complete

Workday calculates

Fixed Fee - Percent Complete (Hours)

revenue calculation methods as the total hours worked by all project resources.

Percent Complete by Hours

Workday calculates

Fixed Fee - Percent Complete (Hours)

revenue calculation methods as the

Project Inception to Date Hours

divided by the

Project Estimated Hours At Complete

.

Contract Amount

The total contract amount for

Fixed Fee - Percent Complete (Hours)

revenue calculation methods.

Total Recognizable Revenue

Workday calculates

Fixed Fee - Percent Complete (Hours)

revenue calculation methods as

Percent Complete by Hours

multiplied by

Contract Amount

.

Previously Recognized Revenue Amount

Workday calculates

Fixed Fee - Percent Complete (Hours)

revenue calculation methods as matching budget lines (role, resource, and worktags from prior periods) in the

Budget Currency

.

Calculated Allocation

Workday calculates

Fixed Fee - Percent Complete (Hours)

revenue calculation methods as the allocation of journal lines for the period to:

Ad hoc project time transactions.
Associated time blocks.

Workday uses this calculation to project revenue by resource in future months. A resource or a task on the journal line matches to the corresponding time block or ad hoc project time transaction. If there are no matches, Workday allocates the journal line to time blocks proportionally by hours logged.

Total Plan Remaining

Workday calculates the total plan remaining based on an available approved baseline plan.