TimeChimp

This article provides an overview of various budget methods including total hours, activity hours, and total costs, and explains how to use each method effectively.

To keep track of a project's progress and to know how many hours or costs have already been incurred and what remains, it's important to choose a budget method. You can find the budget in the project overview and dashboard, where helpful indicators will alert you by turning red when you exceed the budget.

There are various methods to track your budget, including:

Pick this if you're feeling carefree and don't want to budget at all.

Choose this option if you have one budget for the entire project. After selecting this option, a new field will appear where you can enter the total budget.

Activity hours If you want to track a budget per activity, for example Marketing = 40 hours, Development = 80 hours, you can select this option. After selecting this option, an additional column will appear in the Activity tab where you can enter the budget per activity.

Employee hours If you want to track a budget per employee or team, for example Jan de Vries = 50 hours, Pieter Smit = 90 hours, you can select this option. After selecting this option, an additional column will appear in the Employee tab where you can enter the budget per employee or team.

Total rate Choose this option if you want to track a budget based on one rate. After selecting this option, a new field will appear where you can enter this amount.

Total cost It's possible to budget based on total costs. You can set a maximum amount to spend on a project to keep it profitable. All hours, expenses, or kilometers that are registered for this project contribute to the total cost.

- No budget
 Pick this if you're feeling carefree and don't want to budget at all.
- Total hours
 Choose this option if you have one budget for the entire project. After selecting this option, a new field will appear where you can enter the total budget.
- Activity hours If you want to track a budget per activity, for example Marketing = 40 hours, Development = 80 hours, you can select this option. After selecting this option, an additional column will appear in the Activity tab where you can enter the budget per activity.
- Employee hours If you want to track a budget per employee or team, for example Jan de Vries = 50 hours, Pieter Smit = 90 hours, you can select this option. After selecting this option, an additional column will appear in the Employee tab where you can enter the budget per employee or team.
- Total rate Choose this option if you want to track a budget based on one rate. After selecting this option, a new field will appear where you can enter this amount. 
- Total cost It's possible to budget based on total costs. You can set a maximum amount to spend on a project to keep it profitable. All hours, expenses, or kilometers that are registered for this project contribute to the total cost.