How to Add or Create Budget ?

The Budget option in Workstatus helps you set, track, and manage project and employee budgets effectively.
Adding budget to a project improves quality, speeds up delivery, reduces risks, supports innovation, and increases stakeholder satisfaction — leading to a more efficient and successful outcome.

Roles and Permissions:

Owner/Manager/Delivery Head: They can Add/View Budgets.
Team Lead (User): They can't Add/View Budgets.
Department Head (User): They can't Add/View Budgets.
Project Manager (User): They can't Add Budgets, but they can View Budgets if enabled from Project Settings.

Please refer following link for accessing Roles and Permission : https://support.workstatus.io/en/article/workstatus-roles-and-permissions-guide-zzkoo6/

Don’t worry, creating Budgets within Workstatus is simple. Read out the steps below to learn more about what Budgets can do for you:

Step 1: Select Financials then Budgets from the main navigation menu. We can see the headers as below:

Step 2: Clicking on "Add Budget" button will open drawer from where you can create budgets for your project.

Step 3: Please fill the details according to your requirements.

Project name: Select the project for which you want to create budget.
Budget name: Enter the required name of your budget.
Currency: Select currency of your budget (currency dropdown will contain currencies according to your currency conversion data from "Currency Conversion" settings)
Select Budget Type: Total three types of Budgets, i.e Fixed Fee, Time & Materials and Retainer each offering unique features to help you meet your financial goals!

Case: Budget Type is selected as "Fixed Fee"

Selecting "Fixed Fee" will show following fields :

Fixed Fee Budget: Here you can enter the decided budget.
Budget Repeats: Here you can select options according to required recurrence of your budget.

Start Date & End Date: Please select start and end date of your budget.
Billable Rate: Please enter the Billable Rate of your project members.
Set Financial Targets: Here you can set your "Profit Margin" according to "Target Profit" and "Target Cost"

Enable Notifications: Here you can select members of your selected project to whom you want to notify when budget exceeds required percentage.

Case: Budget Type is selected as "Time & materials"

Selecting "Time & materials" will show following fields :

Budget Amount: Here you can enter the decided budget amount in terms of Financials or Time.

Start Date & End Date: Please select start and end date of your budget.
Billable Rate: Please enter the Billable Rate of your project members.
Budget based on: Here we have 2 options, Billable time & Non-billable time.
Budget Repeats: Here you can select options according to required recurrence of your budget.

Here, you also have "Advance Options" to Enable Notifications where you can select members of your selected project to whom you want to notify when budget exceeds required percentage.

Case: Budget Type is selected as "Retainer"

Selecting "Retainer" will show following fields :

Budget Amount: Here you can enter the decided budget amount in terms of Financials or Time.

Budget based on: Here we have 2 options, Billable time & Non-billable time.
Start Date & End Date: Please select start and end date of your budget.
Period Length: Weekly, Monthly and Quarterly.

Billable Rate: Please enter the Billable Rate of your project members.
Retainer Options: Allows you to "Add unspent hours to next period's budget" and also you can "Subtract overspent hours from next period's budget".

Here, you also have "Advance Options" to Enable Notifications where you can select members of your selected project to whom you want to notify when budget exceeds required percentage.

Step 4: After filling up all your details, please click on "Create Budget" button to save your budget.

Updated on: 20/03/2025