Just as the Financial Overview gives the overall financial process on a single project, the Projects Financial Overview gives an equivalent report for all of the current projects in your Work In Progress reporting tab. You can view financial details including Budget totals, Actual costs, Estimate to Complete, etc. in this Projects Financial Overview report. It gives you a powerful financial tool to oversee all of your active projects with a snapshot of their current progress.
1. Accessing the Projects Financial Overview
The Projects Financial Overview report pulls together data from across the entirety of the active projects in the database into a comprehensive report. When you request the report, it is generated and emailed directly to you once it is complete so that you don't have to wait on a single screen as the report is assembled and loaded.
When you click on the Projects Financial Overview in the WIP's Reports, you will be presented with a an option to select filters to build a report for a particular range of projects based on their status, and a box to enter an email. Using the filter, you can select projects from your WIP report, or you can change the filter option for particular project statuses. After selecting your filters, you enter an email that the report will be sent to. With that done, RedTeam will generate the report and the system will send you an email to the chosen address with a link for download.
Steps:
Go to the Projects Overview Menu and click the WIP tab.
Click the View Icon, and select the Projects Financial Overview Report.
Click the filter dropdown to see the options, then uncheck or check entries as needed. By default, the report will filter to match the WIP projects.
Enter the email you would like to receive the report. The report will be sent to the chosen email address in a few minutes.
When you receive the download email, click the download link to access the csv file.
Open the downloaded CSV file in the spreadsheet program of your choice, such as Google Docs, Microsoft Excel, or Apple Numbers.
2. Understanding the Projects Financial Overview
Once you have downloaded your copy of the Projects Financial Overview report, open the CSV file in the spreadsheet software of your choice, such as Google Sheets, Microsoft Excel, or Apple Numbers. There, you’ll be able to view the contents of the report.
Each row is a project and below are all of the columns we include in the report for each project:
Company Division - Which division of your company in RedTeam this project falls under
Customer
Facility
Project
Name
Manager
Revenue Recognition - Can be set to “Revenue = Billing” or “Percent Complete” in project preferences
Status
Sub-Status
Contract Date
Contract ($) - This is the revised contract amount to include any authorized changes
Actuals ($) - The total actual costs from the project’s budget.
Open ($) - The total remaining open commitments in the project’s budget.
At Risk ($) - The total remaining At Risk in the project’s budget.
Contingency ($) - The total remaining Contingency in the project’s budget.
Total Direct Cost at Complete ($) - Direct actuals money spent to date + budgeted cost for the remaining work.
Total Indirect Cost at Complete ($) - indirect costs accrued based on direct actuals to date + budgeted indirect costs for the remaining work.
Total Cost at Complete ($) - Money spent to date + budgeted cost for the remaining work.
Profit (Loss) at Complete ($) - The amount of profit or loss based on the current Cost At Complete
Revenue ($) - Revenue total based on the type of revenue recognition.
Revenue (%) - Percent of total revenue collected to date
Billing ($) - Total amount billed to date.
Billing (%) - Percentage of contract total billed.
Underbilled ($) - Total if you have billed less than the current work completed as determined by actuals [Actuals minus Amount Billed to Customer].
Overbilled ($) - Total if you have billed more than the current work completed as determined by actuals [Actuals minus Amount Billed to Customer].
Backlog ($) - This is contract value minus revenue to date. The larger the amount, the more value is still waiting to be recognized as revenue.
Received to Date ($) - The total amount received from customer payments.
Paid to Date ($) - The amount from closed (paid) vendor invoices.
Balance to Finish ($) - Remaining unbilled contract balance for the project.
Accounts Payable ($) - All committed and executed vendor invoices.
Accounts Receivable ($) - Total customer billing for the project.