Overall Labor Percent Completes or Overall Expense Percent Completes
For each of your projects, you can define an overall labor percent complete, an overall expense percent complete, or both an overall labor percent complete and an overall expense percent complete.
We recommend that you use this approach when the project's percent complete is the same percentage for all of the labor code records.
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You define the overall labor percent complete in the Lab % Complt field on the Labor Billing tab or Labor Costs tab.
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You define the overall expense percent complete in the Exp % Complt field on the Expense Billing tab or Expense Costs tab.
Example
For example, assume you enter an overall labor percent complete of 50% and an overall expense percent complete of 60% on the Project Budget Worksheet. Vision calculates the overall percent complete for the project as follows:
Labor Budget
| Labor Code | Labor Budget | Percent Complete | Earned Labor | Budgeted Overhead Percentage | Earned Overhead | ||
|---|---|---|---|---|---|---|---|
| A0000 | $2,500 | x | 50% = | $1,250 | x | 210% | $2,625 |
| A1000 | $4,000 | x | 50% = | $2,000 | x | 210% | $4,200 |
| $6,500 | $3,250 | $6,825 |
Expense Budget
| Account Number | Expense Budget | Percent Complete | Earned Expenses | |
|---|---|---|---|---|
| 511.00 | $1,000 | x | 60% = | $ 600 |
| 512.00 | $2,000 | x | 60% = | $1,200 |
| $3,000 | $1,800 |
Calculations
|
Total Earned Labor + Total Earned Overhead + Total Earned Expenses Total Project Earned |
$3,250 $6,825 $1,800 $11,875 |
|
Total Labor Budget + Total Overhead Budget + Total Expense Budget Total Project Budget |
$ 6,500 $13,650* $ 3,000 $23,150** |
| Total Project Earned/Total Project Budget = Overall Percent Complete |
$11,875/$23,150 = 51.30% |
* The Total Overhead Budget is determined by multiplying the Total Labor Budget ($6,500) by the Budgeted Overhead Rate (210%). The Total Overhead Budget in the above example is equal to $13,650.
** The Total Project Budget is the sum of the budgeted amounts in the Labor, Overhead, Direct Consult, Other Direct Exp, Reimb Consult, and Other Reimb fields.
Overhead Percentage Used
Vision uses the overhead percentage specified for the project record in the Project Info Center.
If no percentage is entered in the Project Info Center, Vision uses the overhead rate specified for the project’s organization.
If Vision does not find a percentage for either of these options, it uses the firm-wide rate specified in Configuration > General > System Setup.