How should I approach using the Financial Module’s Labor Cost in my process?

The reason for configuring the Financial Item table (in Administer Lists) with an item with Name and Category “Labor” is that when an initial financial plan for a project is created, there may be NO detailed labor forecasts. The financial Labor item can be a placeholder for the initial estimates of labor cost.

After the project has been underway you will have detailed forecasts for labor demand and still later you may have labor actuals from a time tracking system. The real cost of the labor forecasts or actuals can be posted to the financial Labor item on the project to create a complete and accurate financial plan.

To post labor cost from labor demand or actuals, execute the following steps:

       1. Select cells in one or more rows on the Financial Detail or Portfolio Summary sheet.

The rows selected define the target projects which are to receive the posting.

The columns selected define the period range for posting: if the selection is entirely in period data cells the post goes to the selected periods only, if the selection is in the left label area, all periods are posted.

       2. Select Post Labor Forecasts or Post Labor Actuals from the menu.

The cost of the labor demand forecast or actuals will be posted to the specified areas.

If there is no financial Labor assignment on the project a financial Labor assignment is created.

If there is more than one financial Labor assignment, the operation is terminated.

If some projects have 0 or 1 labor assignments and others have duplicate labor assignments, you have the option to continue with the good ones or not.