When you track a budget in Bonsai, you can also visualize the budget forecast based on the remaining task estimates within a project. The forecast is particularly useful for keeping projects within budget by making informed, data-driven adjustments as necessary.
Below, you can see the "Project Budget" chart:
The solid line shows the actual budget used, while the dotted line represents the forecast based on the remaining task estimates. This allows you to see when the budget is expected to be fully used based on tasks yet to be completed.
When is a task included in "Remaining Task Estimates"?
For a task to be included in the "Remaining Task Estimates" (what will be used to compute the budget forecast), it must meet the following conditions:
Not marked as "Done": The task must still be active or in progress.
Due within the budget cycle: The due date for the task should fall within the current budget cycle.
Has an estimate: There must be an estimate for the time required to complete the task.
Estimate exceeds tracked time: The estimated time must be greater than the time already tracked on the task.
If a task meets those criteria, then Remaining Task Estimate = Task Estimate - Time Tracked on the task.
How is the budget forecast calculated?
The forecast calculation differs depending on the type of budget used in the project.
1. Time-based budgets
For projects using a time-based budget:
Forecast = Budget used + Remaining Task Estimates (cumulative)
2. Fee-based budgets
For projects using a fee-based budget:
Forecast = Budget used + Remaining Task Estimates x Estimated Billable Rate (cumulative)
Note: The Estimated Billable Rate is defined by the Billable Rate setting in the project settings.
If "Billable Rate" = "Members Default Billable Rate": The rate is based on the task assignee’s billable rate as specified in their member profile.
If "Billable Rate" = "Project Billable Rate": The rate defaults to the project-level billable rate.
If Billable rate = "Service hourly rate (Tasks)": The rate is based on the task’s associated service value.
How are remaining task estimates assigned to the budget forecast?
The assignment of remaining task estimates to specific dates depends on the status of the budget. Here’s how estimates are applied:
Completed Budget:
Remaining estimates are assigned to the last day of the budget period.
Currently Running Budget:
Overdue task: Assigns the estimate to today's date.
Non-overdue task: Assigns the estimate to its due date.
Upcoming Budget:
Assigns the estimate to the task's due date.