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Revise a project cost budget

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Applies To: Project Operations for resource/non-stocked based scenarios, Lite deployment - deal to proforma invoicing.

This article explains how to revise a project cost budget.

During the course of project execution, actuals for time, expenses, and materials are associated with corresponding budget lines. By comparing the actuals with the budget, you can update any variance against the corresponding budget lines. When the grid is in tracking mode, forecasts can be updated to reflect the reality of the project.

When forecasts must be formalized as a budget, a budget revision is required.

Note

A project cost budget can be revised only if the version is in Approved status.

To revise a project cost budget, follow these steps.

  1. Sign in to Microsoft Dynamics 365 Project Operations.

  2. In the left navigation, change the area to Projects.

  3. Select the project that must be revised.

  4. On the Project page, on the Action Pane, select Budget, and then select Revise. A message box prompts you to select the forecast values during revision of the budget.

    • If you choose to use forecasted amounts and quantities, they'll serve as the basis for creating the revised budget amount and quantity during the revision process. You'll have an opportunity to edit them further, as required.
    • If you choose not to use forecasted amounts and quantities, the forecasts won't be considered during the revision process.

  5. Select Revise. A message bar on the project page indicates that the budget revision is in progress. The time that's required depends on the number of budget lines that are involved. Wait until you're notified that the budget revision is completed.

After the budget revision is completed, a new budget version is created in Draft status, and the grid shows the budget lines that were successfully revised. For a summary of the budget revision, review the Timeline section of the Project summary tab.

Note

During revision, if a budget line can't be created because of changed dependencies, the reason for the failure is logged in the error log. You can access the error log from the Timeline section of the Project summary tab. By addressing the errors that are logged, you can fix the issues. You can then delete the budget version in Draft status and revise the budget again.