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Version: Version 22

Financial planning

Introduction​

What is the Financial planning tab?
The Financial planning tab in the Project app is where the finances of the project are planned, monitored, and reported per Financial category and per period. It sets the different financial classifications—such as Budget, Planned, Forecast, Request, and Spent—against each other, so it is immediately clear whether the project still fits within the budget it received from the portfolio.

The tab works essentially the same as the Financial planning in the portfolio, scoped to one project. Together they link the financial planning at portfolio and project level: the portfolio allocates a budget, the project plans and forecasts, and deviations flow back to the portfolio.

Who uses it?

  • Project managers, to plan costs, give a forecast, and request budget changes.
  • Financial controllers, to monitor budget compliance and actuals.
  • Portfolio managers, to see the project's forecasts and requests reflected in the portfolio.

What value does it deliver?

  • Insight into planned versus budgeted and actual costs per Financial category.
  • A formal route to report expected costs (Forecast) and request budget changes (Request).
  • Early warning of deviations, before they become problems at portfolio level.

Understanding the board​

The board shows the Financial categories of the project on a timeline. It is an FCC planning grid; see the Grid article for the shared controls. The toolbar contains a financial classification selector (e.g. Budget) with a comparison dropdown to set a second classification against it, a time scale selector with period slider, a Financial category filter, a unit multiplier, and a gear icon for the financial configuration.

Setting up​

The setup of the financial planning largely takes place on the portfolio side: the Financial categories are made available in the portfolio, and the financial configuration determines per financial classification whether it is editable, visible, or hidden, separately for the portfolio and the project. Which classifications you can edit in the project therefore depends on this configuration. See Financial planning in the portfolio for the full setup.

In practice, this typically means for the project:

  • Budget is allocated from the portfolio and is visible in the project.
  • Planned is a derivative of all finances booked in the project (e.g. hours at an hourly rate, commitments, or stated costs per plan item) and is therefore not entered in this grid.
  • Forecast is editable in the project: the formal expectation of costs, given by the project manager.
  • Request is editable in the project, to support a formal change process (RFC).
  • Spent is generally read in from the financial system; if not, it can be set to editable.

Working with the Financial planning​

Compare classifications​

Select a classification and a comparison in the toolbar to analyze the financial situation:

  • Budget versus Planned: shows whether the carefully planned costs still fit the given budget.
  • Budget versus Forecast: the more formal comparison, used in reporting from the project to the portfolio.
  • Budget versus Spent: shows whether the project is still on track once actual costs are recorded.

Report a forecast​

Periodically update the Forecast per Financial category. The forecast is the formal feedback of expected costs to the portfolio, where the portfolio manager sees it next to the allocated budget.

Request a budget change​

If the expected costs deviate substantially from the budget, use the Request classification to start a formal change process (RFC). Fill in the requested amounts and apply the change, so the portfolio can assess whether the request can be honored.

Tip: Use the built-in Approval workflows to formalize the change process and record the decision making in FCC.

Transfer values between classifications​

Values of one classification can be transferred to another at the touch of a button. For example, taking over the planned costs as the new forecast. Which transfers are available depends on the financial configuration.

Best practices​

  • Agree on the meaning of each classification: Make sure portfolio and projects use Budget, Planned, Forecast, and Request in the same way; this is set centrally in the financial configuration.
  • Update the forecast on a fixed cadence: A current forecast keeps the portfolio's financial picture reliable.
  • Use Request for formal changes: Requests make budget deviations explicit and traceable, instead of silently overspending.
  • Compare Budget versus Spent regularly: Actuals are the final check on whether the project stays within budget.

FAQ​

Why can't I edit a certain classification?
The financial configuration (set on the portfolio side) determines per classification whether it is editable, visible, or hidden in the project.

Where does the Planned amount come from?
Planned is a sum per Financial category of all finances booked in the project, such as hours at an hourly rate, commitments, or costs per plan item. It is not entered directly in this grid.

How does my forecast reach the portfolio?
Forecasts entered in the project are visible in the portfolio's Financial planning, next to the allocated budget.

Why don't I see a certain Financial category?
Financial categories are made available per portfolio. Contact the portfolio manager or functional administrator if a category is missing.

Need more support?​

For step-by-step instructions or troubleshooting, contact your Fortes Change Cloud administrator or consult in-app help.