TEAMS - Finance

What is this perspective about?

This secured perspective is available on the Organization level.

The finance perspective contains the following tabs:

• Budget Management. Is available only for users with Teams Budget Viewer/Editor roles starting from an accessible unit.

• Rates. Is available only for users with Rates Editor role with access to the organization-level unit.

Please also see, TEAMS - Roles and Permissions | Financial roles.

Budget Management tab

The Budget Management tab of the Finance perspective allows you to view the actual costs of projects per month and budgets per year, compare actual costs to forecast costs, and provides additional finance-related functionality.

Open

Budget Management table

The Budget Management table contains costs incurred on various units during a selected period. The period selector is located at the header of the page and allows one to choose an unlimited period in steps of a month.

The Unit / Cost Type column contains the tree of units with a root equal to a unit selected in the navigation bar. Both active and inactive units are displayed on the Budget Management tab, but the ones that have no costs within the selected period are hidden by default by filtration. Each unit row is highlighted with the grey color.

Each unit includes a Direct costs report with a distribution of costs by cost categories and types and a list of its child units. Direct costs report contains costs associated directly with the unit above.

Direct costs related to cost types for a unit are imported via an API, all other costs are calculated based on imported values.

The Timeline section contains months columns defined by a selected period and year columns dedicated to each year that falls into a selected period. Past months and years are greyed out, the current month is highlighted with a blue frame.

Each month column contains the following subcolumns:

• Forecast - the estimated cost of a unit during a month.

• Actual - the cost that has been incurred on a unit during a month.

• Variance - the difference between a forecast and an actual cost of a month. The variance is calculated when both forecast and actual costs are not empty. When variance is negative, its color is red, otherwise - green.

Whereas each year column contains the following subcolumns:

• Actual - the cost that has already been incurred on a unit during a year. It is the sum of all known actual month costs of a year.

• Forecast - the estimated cost of a unit during months where the actual cost is not known yet.

• Actual + Forecast - the sum of actual and forecast costs of a year. This value is calculated when at least one of the summands is not empty.

Once a user expands any row of the table, he/she sees the components (the summands) that make up that row. 

Filters

The Show Empty Lines filter hides all empty rows of the selected period from the table when the filter value is set to 'No'. It helps users to focus on units, cost categories, and types with associated budget information.

Open

The Unit filter hides all units from the table except all ancestors and descendants of the selected units. 

The Cost Type filter hides all cost categories and types from the table except all ancestors and descendants of selected cost categories and types. 

Columns hiding

Columns button at the header of the page opens the Columns sidebar. This sidebar enables users to hide subcolumns of the table.

It is possible to hide subcolumns of month columns and year columns separately by turning off a corresponding toggle.

And it is also possible to hide all month columns at once by turning off the Months Columns toggle.

Rates tab

What is a Rate Card? A Rate Card is a document that defines the amount of money that any position, mapped to this Rate Card, would cost at a certain point in time. Each Rate Card encompasses at least one Rate, which defines the cost of a position over a specified period. Importantly, within a single Rate Card, the date periods of different rates do not intersect.

Rates table

The Rates table holds a list of all Rates of all Rate Cards, which means one Rate Card may be presented as multiple rows in the table.

The table consists of the following columns:

The table supports pagination, searching by role, column sorting, grouping, and filtering.

Rates of both active and inactive Rate Cards are displayed in the table. Rates of active Rate Cards are displayed as usual table rows, whereas rows of Rates of inactive Rate Cards are displayed with grey. Inactive Rate Cards can not be used in new Rate Card Mappings (please see, ). 

If a Rate Card references another entity (Vendor, Role, Country, City) that has already become inactive, then a corresponding cell is displayed with the strikethrough style of the text.

The quick menu of each record contains the following options: 

1. Edit - navigates to the Edit Rate Card sidebar. 

2. Delete - option is available for active Rate Cards only. After the user confirms the deletion of a Rate Card, a Rate Card becomes inactive.

3. Restore - option is available for inactive Rate Cards only. After the user confirms the restoration of a Rate Card, a Rate Card becomes active

Adding Rate Card

The Add Cost Rate button, which is visible to a user with a Finance Edit permission, navigates to the Add Rate Card sidebar. The sidebar allows to add a new Rate Card to the system.

The Add Rate Card sidebar has the following fields:

1. Vendor - mandatory field. Select a Vendor from the list.

2. Rate Card type - mandatory field. Select the Rate Card type from the list. Available options: Actual, Blended.

3. Role - mandatory field. Select an existing Role from the list, which contains the set of global roles and roles specific to the selected Vendor. (Roles are managed on the Settings perspective on the organization level)

4. Location type - mandatory field. Select the Location type from the list. Available options: Onshore, Offshore, Nearshore.

5. Country - optional field. It is possible to select a Country from the list, which contains Countries with existing relationships with the selected Vendor and its Location Type is equal to the selected Location Type.

6. City - optional field. If a Country has been selected, it becomes possible to select a City from the list, which contains all Cities located in the selected Country.

7. List of Rates - at least one Rate must be added to a Rate Card. Add New Rate button adds a new Rate to a list of Rates, whereas a 'bin' icon removes a Rate from the list. Rates' date periods must not intersect.

   1. Hourly Rate - mandatory field. Must be a positive value and must be less than 1.000.000.

   2. Start Date - mandatory field. Must not be later than the End Date.

   3. End Date - mandatory field. Must not be earlier than the Start Date.

The combination of the fields Vendor, Rate Card Type, Role, Location Type, Country, and City must be unique. So if a Rate Card with a specific combination of these fields has already been created, it is not possible to add one more Rate Card with such a combination to the system.

After a Rate Card has been successfully created, the Rates of the Rate Card will appear in the Rates table.

Editing Rate Card

The Edit Rate Card sidebar allows a user to edit an existing Rate Card. This sidebar shares the same set of fields and validation rules (for the fields available for editing) with the Add Rate Card sidebar. 

If a Rate Card is not mapped to any position, then the fields Vendor, Rate Card Type, Role, Location Type, Country, and City are available for editing, otherwise - disabled.

The Rates section is always available for editing. Please note, if a Rate Card is mapped to a position, then any change will affect position costs and trigger recalculation of financial values.

Importing of Rate Cards

File selection

The Import button is located in the Rates tab of the Finance perspective.

Import functionality provides an ability to perform bulk creation of new Rate Cards and bulk update of existing Rate Cards.

On click of the Import button, the following modal window appears:

The Download Template button of the Import modal allows downloading an example of an importing file that corresponds with the required file structure, which is the following: 

To import a file, a user should click on the Select File button and choose a file or drag it and drop it.

After a user has chosen a file, he might check its name at the modal and continue the process by clicking on the Import button.

File validation

At the next step of the import process, the system performs validation of the provided file. If the file fails to comply with at least one validation rule, the import operation will be terminated. This means no changes will be implemented in the system.

The file is validated against the following rules:

If the file structure is correct, then each row, that contains Rate, is validated against the following rules: 

If some of the validation rules are not met, the import process is terminated and the list of all errors with their row numbers is shown to a user.

Processing of the file

The existence of Vendors and Countries is strictly checked during the validation stage, whereas Roles and Cities might be created during the import stage.

If a file has been successfully validated, but the file contains Roles and Cities that do not exist in the System, then the creation of new entities must be approved.

The Import Confirmation modal contains the list of Roles and Cities that are going to be created during the import stage. Please carefully check the correctness of data during the import stage. On click of the Import button, the system proceeds with importing. 

In the file, each row represents a Rate of a Rate Card. A Rate Card of Rate is identified by the combination of the following fields: Vendor, Rate Card Type, Location Type, Role, Country, City.

There 3 possible ways of processing a row:

1. Creation of a new Rate Card with a new Rate - this happens if no existing Rate Cards match the same combination of the fields mentioned above.

2. Creation of a new Rate in an existing Rate Card - this occurs if a Rate Card exists in the System, but the Rate period does not intersect with existing Rate periods of the Rate Card.

3. Update of an Hourly Rate field of an existing Rate in an existing Rate Card - this happens if a Rate Card exists in the System and there is an existing Rate period, that fully intersects with the period mentioned in an Excel row.

Please note, even though the Excel Date type allows to specify a specific day of the date, the Rate Cards importing process does not read the day specified in the columns Start date and End date. Only the month and the year are considered, for instance, 17 Dec 2002 and 03 Dec 2002 will be interpreted as Dec 2002 and the process will cover the whole month.

After import has been completed, the system will show a toast message, containing the report with the number of created and updated Rate Cards.