Tracking the financial progress of a project is an important part of managing the overall project. With RedTeam, you can view financial details including Budget totals, Actual costs, Estimate to Complete, etc. in a featured report called the Financial Overview. The Financial Overview gives your business a powerful tool to maintain financial control over a project.

Understanding the Financial Overview

The Financial Overview report is easily accessed from the home menu of a project.

This section includes some of the basic project and customer details.

This section gives a quick overview of the contract and change totals for price and work days.

Original Contract dated XXXX - This is the originally scheduled total of work days and the original contract amount.

X Authorized Change Orders - This is the days and price increase added by authorized Change Orders.

Total Modified Contract - This is the total days and price of the contract with the Changes included.

Contract Balance to Finish - This is the Total Modified Contract amount minus the Total Billed (which represents total customer invoices) in the bottom left within the Working Capital Details section

X Potential Scope Changes - This shows the extra days and costs in potential changes that have yet to be approved.

Contract Completion Date - This is the projected completion date based on the total modified contract days.

Anticipated Completion Date - This comes from the completion date in the project schedule.

These components help you review the budget and your expenditures. are broken down by cost code category (material, subcontract, labor, equipment, and other) and by overhead (which tracks totals from the indirect cost rates).

Budget column - This represents the amount budgeted for the project, what you plan to spend.

Actuals column - This represents the totals from vendor invoices, committed employee timesheets, committed employee expenses, and adjusting entries from Job Cost Transactions. Simply put, this is what has been spent by you thus far.

Open column - This represents the total amounts in open buyout commitments that have yet to be invoiced (or committed for employee time/expenses).

ETC [Estimate To Complete] column - This represents the amounts in the At Risk and Contingency columns of your project budget.

Complete column - This is the total of Actuals, Open Commitments, and the ETC.

Variance column - This is the complete amount, minus the budget, which displays how much over or under budget the project currently is.

These components help you track amounts paid to vendors and billed to customers for the project.

Total Revenue - If revenue recognition for the project is set to "Percentage of Completion," this shows the amount earned as the total of the Actuals column above; If revenue recognition for the project is set to "Revenue equals Billing," this shows the amount currently billed based on comitted customer invoices for the project (to check your project's revenue recognition setting, simply visit the Contract section of your project preferences under the gear icon)

Less Total Billed - This is the total amount from committed Customer Invoices

Under (Over) Billed - This tells you if you've billed more or less than the current work completed as determined by actuals [Actuals minus Amount Billed to Customer] (this feature will always read $0.00 if you are using a revenue recognition of "Revenue equals Billing")

Received To Date - The amount received from customer payments

Less Paid To Date - The amount is calculated from Actuals Total Cost - Accounts Payable

Net Cash Flow - The amount of [Received To Date minus Paid To Date]

Accounts Payable - All committed and executed vendor invoices minus payments made.

Less Uncollected Revenue - This is the amount of [Total Revenue minus Received to Date]

Net Working Capital - This is the amount from the above Less Uncollected Revenue field minus the Accounts Payable amount.

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