We are excited to introduce the Project Budget that allows you to compare planned costs to approved costs to ensure your costs stay on track.
- How the Project Budget Can Help You
- How to Participate in the Beta
- How to Prepare Your Meisterplan System
- How the Project Budget Works
- Future Development of the Project Budget
- Meisterplan Terms of Service Conditions for Beta Features
How the Project Budget Can Help You
With our new Project Budget, you can determine how projects in your portfolio compare financially to the original budget approved for each project. You can also identify projects that will soon be overbudget. This gives you more transparency into the financials of your project portfolio directly in Meisterplan to find resolutions quickly. For example, if you have a fixed budget, you can adjust allocations in Meisterplan until you find the solution that keeps the project within the budget. This is a precursor to the upcoming Actuals - Financials feature, at which point you will be able to compare your financial plan with actuals.
How to Participate in the Beta
The Project Budget has started as a closed beta. This is an early version which is being continuously improved and only available on request. The latest updates to the feature may not yet be listed here. When requested, the Project Budget Beta will be activated per system, not per user. The use of the Project Budget is subject to these terms.
If you are interested in testing this feature, please send a support ticket from within Meisterplan: In the left Sidebar, select Help, click Contact Support and mention the Project Budget in the ticket subject. This ensures that we activate the Project Budget in the right system. The beta version will not affect any other functionalities in Meisterplan.
If you have questions about or feedback on the current beta version, please contact us as described above.
How to Prepare Your Meisterplan System
Once the Project Budget has been activated in your Meisterplan system, you need to configure user rights and the project details to be able to try out the new functionalities.
How to Configure Rights
You need to have the Manage Users and User Groups right.
In the left sidebar, click Manage and select User Groups. Open your user group and in the Project Field Rights section, drag the Approved Budget field under Edit.
You can now view and edit the Approved Budget system field, export the field using the Export to Excel and bulk import it for several projects at once using the Quick Import.
All changes to the Approved Budget will be displayed in the Change Log.
How to Customize the Project Details
In the left Sidebar, click Manage and select Project Settings. In one of the custom sections, click Add Project Field and select Approved Budget. In the toolbar, click Add Section, select Financial Tracker (Beta) and drag the section to the desired location.
How the Project Budget Works
Key Figures in the Financial Tracker
Once you have configured the Approved Budget and the Financial Tracker in the project details, you can view the following key figures:
- Approved Budget: needs to be entered manually per project or bulk imported using the Quick Import for Projects
- Total Cost: sum of all allocation and financial events costs for a project
- Future Allocation Costs: sum of all planned allocation costs from today
- Future Financial Events Costs: sum of all planned financial events costs from today
- Past Allocations Costs: sum of all planned allocation costs until today
- Past Financial Events Costs: sum of all planned financial events costs until today
- Deviation of Total Cost from Approved Budget: difference between the Total Cost and the Approved Budget, with a positive number indicating that the Total Cost is higher than the Approved Budget
Key Figures in Further Views
- Approved Budget
- Future Allocation Costs
- Future Financial Events Costs
- Future Costs: sum of all future allocation and financial events costs from today
Future Development of the Project Budget
We are continuously improving the Project Budget. The following extensions are planned to be implemented in the future:
- Actual Costs: when Actual Time Worked was imported, the Financial Tracker will display the derived actual costs and compare them to the Approved Budget
- Alternative Cost per Hours: in the Quick Import for Actual Time Worked, you will be able to import an alternative hourly rate for the imported Actual Time Worked
- Alternative Cost Type: in the Quick Import for Actual Time Worked, you will be able to import an alternative cost type (OpEx, CapEx) for the imported Actual Time Worked
- More information in the Project Details:
- An additional Project Team section will be added to display the allocation costs per role or resource
- A Cost Type Tracker will be added to display an overview and comparison of costs split up into CapEx and OpEx
If you have questions about or feedback on this functionality, please leave a comment in our Product Roadmap.
Meisterplan Terms of Service Conditions for Beta Features
The use of Beta Features is subject to the Meisterplan Software as a Service Terms and Conditions of the itdesign GmbH, Friedrichstr. 12, DE-72072 Tuebingen, Germany for the EU hosting region and Meisterplan USA, Inc., 800 5th Avenue, Suite 101-800, Seattle, WA 98104 for the US hosting region (hereinafter referred to as “Provider”) and the following different terms, which take priority. By using the beta features, you agree to the Meisterplan Beta Conditions on behalf of the company for which you work.
- You understand that beta features within the generally available Meisterplan cloud application are still under development, may not be functional or may be incomplete, and are more likely to contain bugs than the generally available Meisterplan cloud application. Please note that the use of beta features may have an impact on performance when using the Meisterplan cloud application.
- The provider does not guarantee that beta features will ever be made generally available.
- The provider does not assume any obligations or liabilities with respect to the beta features, including any warranty and compensation obligations to the extent permitted by applicable law.