Project Overheads in BigTime Foresight

Table Of Contents

How To Access Project Overheads
     Revenue Overheads In BigTime Foresight
Setting Up Overheads
     One-Time Project Overheads
     Recurring Project Overheads

How To Access Project Overheads

To access Project Overheads, first, ensure you’ve been set up with financial admin privileges in BigTime’s user rights settings. Once set up with those permissions, log into BigTime Foresight as a manager and open the PROJECTS tab in your main navigation sidebar. Then, click on a specific project from your list to open its project profile. 

Go to the BUDGET tab in the project’s profile, and you’ll see two sub-tabs: SCHEDULED OVERHEADS and ACTUAL OVERHEADS. Your scheduled overheads are overheads you’ve predicted for future dates, and your actual overheads are currently or already being recorded.

Now, let’s talk about the different types of overheads you can set up in BigTime Foresight.

Revenue Overheads In BigTime Foresight

In BigTime Foresight, you can set up something called Revenue Overheads. Although overheads usually refer to company expenses, revenue overheads allow you to add revenues not generated by employees (such as office rentals or amenities) or in fixed-price projects. Learn more about mirroring different billing models here.

Setting Up Overheads

One-Time Project Overheads

One-time overheads allow you to plan additional costs and revenue for people's work indirectly. It helps you forecast the second-degree profitability of projects.

When you open the settings for a one-time overhead, you’ll see the following fields:

• Overhead Type: this will allow you to determine whether the overhead is a cost or revenue type.
• Amount: This can be specified in your firm’s base currency, or you can change the currency and provide a currency exchange rate.
• Title: the name of your overhead.
• Auto commit: Check off this box if you want to allow BigTime Foresight to automatically move overhead from “scheduled” to “actual” after the overhead’s expected date.
• Date: the expected date your firm will bear the cost or receive revenue from the overhead.
• Note: any additional information about the overhead you’d like to add.

Recurring Project Overheads

Recurring overheads allow you to plan additional recurring costs and incomes unrelated directly to staffers’  work. They help you forecast the second-degree profitability of your projects.

When you open the settings for a recurring overhead, you’ll see the following fields:

• Overhead Type: this will allow you to determine whether the overhead is a cost or Revenue type.
• Overhead amount - can be specified in your firm’s base currency, or you can change the currency and provide a currency exchange rate,
• Prefix: the name of your overhead.
• Start and end date: the length of time your overhead will last.
• Schedule And Commit Every Month Day: you can use this field to choose a specific day in a given month when BigTime Foresight should move overhead from Scheduled to Actual 
• Note: additional information about the overhead you’d like to add.