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# How to Add/Create Budget in Workstatus?


# 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/](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:

###### ![](https://storage.crisp.chat/users/helpdesk/website/f3e4eb6758a66800/image_r09357.png)

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

###### ![](https://storage.crisp.chat/users/helpdesk/website/-/f/3/e/4/f3e4eb6758a66800/image_cjuq8r.png)

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

Project name: Select the project for which you want to create budget.
Milestone: All milestones of selected project will appear in dropdown. Select Milestone for which for want to add your Budget.
Task List: Associated task lists will get auto-selected on the basis of selected milestone. Also, you can select other task lists using check-box. Budget's Profit/Loss & Invested time will be calculated as per timesheet entries logged for tasks under selected task lists only.
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"

![](https://storage.crisp.chat/users/helpdesk/website/-/f/3/e/4/f3e4eb6758a66800/image_25ubod.png)
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.

###### ![](https://storage.crisp.chat/users/helpdesk/website/f3e4eb6758a66800/image_1vr1v6s.png)

**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"

###### ![](https://storage.crisp.chat/users/helpdesk/website/f3e4eb6758a66800/image_1686w0y.png)

**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"

![](https://storage.crisp.chat/users/helpdesk/website/-/f/3/e/4/f3e4eb6758a66800/image_fsj6l7.png)
Selecting "Time & materials" will show following fields :

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

###### ![](https://storage.crisp.chat/users/helpdesk/website/-/f/3/e/4/f3e4eb6758a66800/image_1d0jgbq.png)

**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.

###### ![](https://storage.crisp.chat/users/helpdesk/website/-/f/3/e/4/f3e4eb6758a66800/image_1lfm89j.png)

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"

![](https://storage.crisp.chat/users/helpdesk/website/-/f/3/e/4/f3e4eb6758a66800/image_cj2vdb.png)
Selecting "Retainer" will show following fields :

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

###### ![](https://storage.crisp.chat/users/helpdesk/website/-/f/3/e/4/f3e4eb6758a66800/image_1vd2zwa.png)

**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.

###### ![](https://storage.crisp.chat/users/helpdesk/website/-/f/3/e/4/f3e4eb6758a66800/image_v06cdt.png)

**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".

###### ![](https://storage.crisp.chat/users/helpdesk/website/-/f/3/e/4/f3e4eb6758a66800/image_1u9979o.png)

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.