Every project's Overview page has a Project budget section. It shows what you planned to spend, what you have spent, and what is left, so you can see a project running over before it is too late.
Spend comes from two places:
Time logged on the project, at each person's bill rate
Other costs you add, such as deposits, vendor invoices, travel, or software
Who can see and edit budgets
Workspace admins and members can see the budget section by default. Only the project owner or a workspace admin can add or change budgets, costs, and the hours budget. Everyone else sees the section read-only.
Before you start
Time counts toward spend only when Timesheets or Time tracking is turned on in Hive Apps, and only for billable time categories. If your workspace reports from Timesheets, only approved timesheets count.
Check the bill rate for each person who will enter time against the project. To set or change an individual rate, click the person’s name in Resourcing to open their profile. The bill rate is shown here:
To give new workspace members starting bill and cost rates, see Set default bill and cost rates for workspace members. Saving defaults leaves existing members’ rates unchanged. The separate replacement option overwrites both bill and cost rates for all existing internal members after confirmation.
To set one bill and cost rate for everyone on a project (and its sub-projects), including an optional rewrite of logged time, see Set default bill and cost rates for a project.
P.S: Note that you can also retroactively update user bill rates if you need to edit or correct any past resourcing bill rates. You can add a date range to override the bill rate for, as well as override custom project bill rates. You can also click on the "Show history" section to see the full history of all changes made that user's bill rate.
Add a budget
Open the project and go to the Overview tab.
In Budget overview, click Add budget.
Fill in the details and click Add.
Name: for example, "Venue & Catering".
Type: Fixed for a one-time amount, or Recurring for the same amount every month between a start date and an end date. You can't change the type after you save.
Budget (Monthly budget for Recurring): the amount.
Bill date: for Recurring, a bill start date and a bill end date.
Category: a time category. Hive matches spend to budgets by category, so use the same categories on your costs and time entries.
Description: optional notes.
Add one budget line for each area of the project, for example venue, production, and marketing. Hive adds them up into the project's total budget.
To change or delete a budget, click it in the Budget plan table. You can't change budgets after the project has an approved budget version that is locked.
Retainers are managed in Finance > Retainers. Older retainer budget lines show here as read-only.
Add costs
To record spend that isn't time, such as a deposit or a vendor invoice, click Add cost. A cost has a name, a type (Fixed or Recurring), an amount, a date, a category, and a description. To record a credit or refund, enter a negative amount.
Costs show in the Other costs list below the budget plan.
Read the budget overview
Total budget: all budget lines added together.
Spent at bill rates: time logged on the project at each person's bill rate, plus other costs, with the percent of the total budget.
Remaining budget: total budget minus spent and committed amounts.
Position: a quick health label.
The Position label is one of these:
Within budget: more than 20% of the budget is left.
Watch: 20% or less of the budget is left.
Budget exhausted: none of the budget is left.
Over budget: spend is more than the budget.
Not budgeted: there is no budget and no spend yet.
Unfunded: there is spend but no budget.
Hours budget
Below the money summary, the hours row compares hours with an hours budget.
Hours budget: the hours you plan for the project.
Hours spent: the time that counts toward Spent at bill rates (see Before you start). If your workspace reports from Timesheets, hours that wait for approval do not count. When you set an hours budget, Hive also shows the percent of the hours budget.
Hours left: the hours budget minus hours spent.
Open estimates: the estimated time of open actions in the project. If a parent action and its subactions both have estimates, only the subactions count. Below the value, you see Fits with the spare hours, or Over by with the extra hours.
The hours budget is only a target. It does not limit or change timesheets. To see this note in Hive, hover over the info icon next to Hours budget.
To set an hours budget:
In Budget overview, click Set an hours budget.
Enter the number of hours and click Save.
To change the hours budget, click the pencil icon next to it. To remove it, click the pencil icon and click Remove.
Only the project owner or a workspace admin can set the hours budget.
If you filter the budget plan by category or date, Hours spent shows only the hours in the filter, and Hours left and the fit do not show. The hours row does not show when you view a baseline.
Budget plan
The Budget plan table lists each budget line with its category, period, utilization, and amount.
Utilization shows how much of each line is used. Hive gives spend to budget lines with the same category, earliest date first. Utilization shows when the project has more than one budget line.
Unallocated spend collects spend that has no category, or spend that is more than its matching budget lines. If a line is at 100% and there is unallocated spend in the same category, that part of the project is over budget.
Use the category and date filters to look at part of the plan, for example this month or the last 6 months.
Budget variance (Hive Finance)
If your workspace uses Hive Finance, you also see a Budget variance panel. It compares the budget baseline with open commitments (such as purchase orders), actual cost, billed labor, and invoiced amounts. To see how a value is calculated, hover over its label. Approved estimates and baselines from Finance show under Version history.
Budgets in Portfolio view
To see the "Billed amount" and "Remaining budget" columns in Portfolio view:
Open Portfolio view.
Click Configure View.
Open Project Fields, select Billed amount and Remaining budget, and click Apply.
For time reports by project and person, see Timesheet reporting.