Time Records Costs 3.0.0

Requires the following solutions to be installed:

• Years, Quarters, Months, Weeks and Days (4fb0e9dd-40e7-4dd2-ba10-548b86ecebeb)
• Person (User) Rate (f09ee69d-78a8-4ad0-a495-b5e01c18b418)
• Timesheets (9c890350-638e-451c-a401-33691b3f4da6)

At least one of the following solutions should be installed:

• Time Records for Features (24789387-8799-438e-b924-daf51efd41c8)
• Time Records for Epics (7303e733-ab69-4561-b861-e739fbc5ff8d)
• Time Records for Portfolio Epics (b483cef6-292a-4e11-8712-e6f78a4d5d37)
• Time Records for User Stories, Tasks, Bugs (816cb13f-83c5-49d5-ac3b-a8ae757caeed)

Can be extended with the following solution:

• Costs Roll Up (8afcb9a2-7c87-43f3-9766-52ce1a9cd5ac)

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Solution Overview

The solution enables the calculation of a Cost related to a Time Record. The costs allow tracking how much we spend working on different work items and managing Actuals for different Periods (Days, Weeks, Months, Quarters and Years). The Cost will be created when a new Time Record is added to a system and will be based on a Connected User's current Hourly Rate and Hours defined in a Time Record.

When you create or import a new Time Record (on a Timesheet or on a Feature, Epic or Portfolio Epic), a respective Cost will be created automatically. In a Time Record, you define the following parameters: 

• Hours – the number of hours spent doing work
• Run or Grow - the type of expense a related Cost should be attributed to
• Is Capitalizable – set it to True if it's a capitalizable time record
• Description – optional field
• Work Item – optional, it can be a Portfolio Epic, Epic, Feature, User Story, Bug, Task, depending on the solutions installed

The following information will be set automatically:

• Date – a date when a Time Record has been created. It can be changed after creation if needed. Changes would affect the Cost, as a User may have a different Rate on the specified Date.
• Connected User – Time Record creator by default. It can be changed after creation if you post time for a different User rather than for yourself. Changes will affect the related Cost, as other Users may have different Rates.

Note: To calculate Actuals correctly, Users should have a current Rate (with Planned Start Date earlier than today and Planned End Date later that today or without Dates, if it's the only Rate available for a User)

When the Costs are created, the following fields are available for them:

• Actuals – calculated based on Time Record Hours and a Connected User current Rate
• CapEx (Percentage) – it's equal to 100% when IsCapitalizable flag on a connected Time Record is true, it's equal to 0% when IsCapitalizable flag on a connected Time Record is false
• OpEx (Percentage) – it's equal to 0% when IsCapitalizable flag on a connected Time Record is false, it's equal to 0% when IsCapitalizable flag on a connected Time Record is true
• Run (Percentage) – it's equal to 100% when Run is selected for a connected Time Record, it's equal to 0% when Grow is selected for a connected Time Record
• Grow (Percentage) – it's equal to 100% when Grow is selected for a connected Time Record, it's equal to 0% when Run is selected for a connected Time Record
• CapEx Actuals – it's equal to Actuals * CapEx (Percentage)
• OpEx Actuals – it's equal to Actuals * OpEx (Percentage)
• Run Actuals – it's equal to Actuals * Run (Percentage)
• Grow Actuals – it's equal to Actuals * Run (Percentage)

Solution Configuration

To keep Costs in the Budgeting Portfolio, we need to update the automation rules with the correct Budgeting Portfolio ID.

1. Make sure there is a Budgeting Portfolio created
2. Copy Budgeting Portfolio ID.
3. Go to Settings -> Automation Rules and update the following automation rules with the correct Budgeting Portfolio ID:
   • Cost for Time Record main rule

Create Costs for existing Time Records

If you already have Time Records created in the system, we'll need to generate Costs for them. To do that:

• Go to Settings -> Automation Rules
• Enable and open the following rule:
  • Initial - Create Costs for existing Time Records
• Click Save and Trigger button.

As a result Costs will be created for all existing Time Records.

Note: If you have more than 1000 Time Records to process, you'll need to run the rule several times, until Costs for all the Time Records are created.

Set Run and Grow values

If you already had Time Records in the system before installing the solution, you'll need to set the correct Run and Grow values for Time Records. By default it'll be set as 100% for Grow and 0% for Run. So if it needs to be updated, please use batch actions to update the Time Records values, so the Costs are calculated correctly.

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Version: 3.0