The financial tables on each project are dictated by the start and end dates set up in the milestones of each project. There are three financial tables on each project: Costs, Work and Credit. The tables are not mandatory, meaning you are able to choose which tables you want to use for each project.
The costs table is designed to help you track the overall costs of credit for each project. For example, how much in real dollars it is costing your organization to achieve the credit amount of the project.
In the costs table you are able to set either a monthly or annual budget. You are then able to track the actual dollars spent to date as well as what you are forecasting to spend for the rest of that month or year. As you update the actual dollars spent, you should accordingly adjust the forecasted amount.
The work table is meant to reflect the real dollars that are flowing to the recipient on the project. In the work table you are able to set a monthly or annual budget as well as track the total amount that has gone to the recipient so far.
The credit table allows you to track the offset credits you are achieving related to the whole project. In the credit table you are able to set up a baseline target for the amount of credits that you want to achieve each month or year. You are then able to track your credits through the various stages of approvals until they can be marked as 'approved'.
Here, you are able to input amounts for credits that you have submitted to government, credits that are pending approval by government, and credits that are approved.
Each field is an individual field and does not interact with the field above it. For instance, if you have $100,000 in submitted and that amount becomes approved, you need to remove the $100,000 from the submitted field and enter that amount in the approved field.
You can also indicate the total amount of credits that you are forecasting on achieving for the rest of the year.
The fields do interact with one another to produce the 'Variance Total' that shows up at the bottom of each column. The variance will show you the difference, positive or negative, between the baseline that you have set for that month or year and the sum of the submitted, pending, approved and forecasted amounts.
A positive variance shows the amount of credit that still needs to be achieved based on your baseline for the month/year. A variance of zero means that the sum of submitted, forecasted, pending and approved is equal to the baseline. A negative variance means that the sum of submitted, pending, approved and forecasted is higher than the baseline amount.
Updating the numbers in the approved area will update the total amounts of 'approved' credits on both the project and the program. It will also be reflected in the pie charts on the program view for the requirements as 'achieved'. The pie graphs will show you the target amount, what has been identified based on the total credit amount of the project and the identified requirements as well as the 'achieved' amount based on credits that have been approved.
Clicking on the arrows in the left hand column of the credits table will show you how the project credits interact with the overall program requirements.