As part of your job monitoring project financials, you need to keep track of the realized expenses, but would also like to be able to ensure that planned future expenditures are within the budget limits. You need to know how you can track commitments and actuals in conjunction with the budget allotted for each project.
Tracking Commitments on Projects
Objective
After completing this lesson, you will be able to outline the process of commitment follow-up
Commitments on Projects
Track Commitments on Projects
Summary
- Track realized expenses and planned future expenditures.
- Commitments created upon purchase order release.
- Commitments reversed upon goods receipt, posting actual costs.
- Monitor commitments and actuals against project budget.
- Use Project Budget Report – Overview app for tracking.