Project Financial Summary Settings

The project's financial summary settings are as follows:

  • Allow capitalized costs on this project. This option specifies whether the project tracks capitalized costs. If this option is not selected, an Expense Type (Operating or Capital) cannot be specified when adding a cost line to the project's financial summary—all expenses are operating expenses.

    Note: A proposal tracks or does not track capitalized costs based on the setting of the option The proposal is for a project that tracks capital costs on the proposal's Financial Summary Settings page. When the proposal becomes a project, this proposal setting can conflict with the setting of the option Allow capitalized costs on this project on the project's Cost and Effort policy.

    If the Cost and Effort policy of the project type is locked (meaning that no individual project of that type can be made to override any settings of that Cost and Effort policy) and if that Cost and Effort policy's setting for tracking of capitalized costs conflicts with the proposal's financial summary setting, the setting of the project type's Cost and Effort policy prevails. Otherwise, the setting for tracking the project's capitalized costs is consistent with the proposal's financial summary setting.

  • Enable Financial Management for work plan. This option enables the use of Financial Management to calculate costs for the project work plan, and enables or disables setting the subordinate options on the Cost and Effort policy, except for the Calculate the forecasted labor costs from the staffing profile option, which is always available.

  • Calculate the forecasted labor costs from the staffing profile. This option specifies whether forecasted labor costs on the financial summary are to be calculated (rolled up) from the staffing profile. If this option is selected, separate, non-editable forecast lines are automatically created in the financial summary to reflect the staffing profile estimates, including the percentage split between capital and operating costs.

    Forecast labor costs are calculated using cost rate rules applied to position forecasts in the staffing profile.

    Note: When a proposal is approved and becomes a project, a special command in the workflow makes the status of the proposal's staffing profile Approved, and a copy of the proposal's staffing profile becomes the project's staffing profile.

    Costs are not rolled up from staffing profiles whose status is Approved, Baseline, or Cancelled.

  • Calculate the actual labor costs from the work plan and time sheets. (Note: Financial Management for the work plan must be enabled.) If Financial Management is enabled for the project work plan, this option specifies whether actual labor costs on the financial summary are to be calculated (rolled up) from the project's work plan and from time logged on time sheets. If this option is selected, the financial summary operates as follows:

    • Separate, non-editable cost lines are automatically created in the financial summary to reflect the actual labor costs on the work plan and time sheets.

    • Task activity controls whether an actual labor cost is capital or operating, and the distinction is maintained in the financial summary.

    • Actual labor costs are categorized in the financial summary according to the resource's Cost Category. If Cost Category is not specified, the cost line shows the actual labor costs as Unspecified.

    Note: Actual values that appear in work plans may not appear in the project financial summary immediately. Cost roll-ups are performed by Financial Management at an interval that applies system-wide. For more information, see Configuring Cost Calculation Intervals.

  • Allow manual adjustment on the actual labor cost. The configuration of this check box and its parent check box determines whether or not you can edit the actual labor cost in the cost lines you have added. For detailed information of the configuration, see Project Management User Guide.
  • Calculate the actual non-labor costs from the work plan. (Note: Financial Management for the work plan must be enabled.) If Financial Management is enabled for the project work plan, this option specifies whether actual non-labor costs on the financial summary are to be calculated (rolled up) from the project's work plan. If this option is selected, the financial summary operates as follows:

    • Separate, non-editable cost lines are automatically created in the financial summary to reflect the actual non-labor costs on the work plan.

    • Task activity controls whether an actual non-labor cost is capital or operating, and the distinction is maintained in the financial summary.

    • Actual non-labor costs are categorized in the financial summary according to the Non-Labor Cost Category field on the Cost tab of the Task Details window. If that field is not specified, the actual non-labor costs are displayed as Unspecified in the cost line.

    Note: Actual values that appear in work plans may not appear in the project financial summary immediately. Cost roll-ups are performed by Financial Management at an interval that applies system-wide. For more information, see Configuring Cost Calculation Intervals.

  • Allow manual adjustment on actual non-labor cost. The configuration of this check box and its parent check box determines whether or not you can edit the actual non-labor cost in the cost lines you have added. For detailed information of the configuration, see Project Management User Guide.