Creating a project within your company’s system is a crucial step in allocating and tracking expenses for a specific business initiative. These projects serve as a central hub for budget oversight and spending management, allowing employees from various departments to collaborate and make necessary expenditures that contribute to the project’s objectives. Here’s how you can set up a project for either short-term tasks or long-term endeavours:
Step 1: Navigate to the Manage tab. Under the Company section, select Projects.
Step 2: On the right side, find and click on New Project. This action opens the new project form.
Step 3: Enter the project's name and define its start date.
Step 4: Add the project managers. These individuals will have access to view and modify the project details.
Step 5: Add members to the project. These individuals can make expenditures for the project.
Step 6: In Advanced Options, set a budget for the project by allotting an amount and determining a refresh frequency. This step is optional and can be done after the project's creation.
To define a budget > open the budget drop down > click on Define Budget
Enter the amount to allocate to the budget and choose the frequency of its update or refresh.
Decide whether to make the budget flexible or non-flexible. With a flexible budget, new expenses won't get declined even if the budget amount is exhausted. In a non-flexible budget, they'll get declined.
Choose the modules for which the budget applies and submit by defining the budget.
Click on "Define budget" to save the changes.
Step 5: After creating the budget, attach different policies for the project, such as approval policy, submission policy, and claim policy. Enable custom policies from the global settings and attach a specific policy.
Step 6: Complete the creation of the project by clicking on the Add Project option.