The Project Budget refers to the internal resource and expense budget set by Project Managers to plan costs on a specific project.  

Let's have a look at how this can be set up.

1. Once you've opened your project, the first step is to navigate to the Budget & Fee section.
   
   
2. To ensure your budget is as precise as possible, the Project Budget is set per stage. Simply click on the pencil icon in the Budget column and next to any of the sub projects to start.
   
3. To create an in-depth plan which will allow you to assign specific resources, set the Resource Budget to Detailed mode. If you would only like to record the value of the internal budget without defining it into the necessary resources, set the Resource Budget to Lump Sum and simply enter the value. 
4. With the Resource Budget set to Detailed, you can assign a specific staff member to this stage of the project by searching for them under the Resource heading. As you start typing the name of the employee, the drop-down list will allow you to choose them from the available staff members. Once you click on their name, they will be added to your Resource Budget. Assigning a specific employee to the budget will allow them to see how many hours are required of them when filling in their timesheets. 
   
5. Now that a resource has been selected, you will be able to specify the number of hours required of them. This can be done by either entering the value in the text entry box beneath Hours, or by clicking the lightning bolt icon to estimate the hours based on a predicted Duration of the stage as well as a predicted Involvement of the employee.
   
   
6. If you are uncertain as to which employee would be involved in the stage, you can just as easily enter the name of a generic job category as a Resource.
   
   
7. In either case, a value will appear next to the respective Resource under Total Budget to the right of the screen. This value is equal to the number of Hours specified multiplied by the unique cost rate of the resource.
   
   
8. Similarly, under the Expense heading, you can set any predicted expenses you may need in this stage by clicking on the page icon and selecting an expense type from the available options in the drop-down list and assigning a cost to it. If the expense type you need does not appear in the drop-down list, you will need to contact your company's Admin user to add it.
   
   
9. Now that the budget has been successfully set up, you can finalise it by clicking Lock Budget.
   
   
10. When the budget is locked, you can reflect the progress of the listed Resources and Expenses by using the slider. Marking the progress on the stage will allow for more accurate financial predictions.
    
    
11. While it is generally advised that no changes be made to the budget once it has been set up, should you ever need to, you can always unlock the budget to make any necessary alterations by clicking Edit Budget.
    
    
12. Once you are happy with the budget, click Done to return to the Budget & Fee section of the project.
    
    
13. The value of the budget for the first stage will now be visible under the Budget column.
    
    
14. Repeat these steps for each of the stages in your project.

We hope this article was helpful. If you have any questions, please do not hesitate to reach out to us. Our support team is always happy to help!