Overview
On the Financials tab, you can edit fields and information relating to the Financials page against each initiative. Note that you’ll only have access to this if you’ve purchased the financials add on.
General Settings
Financial Year Start (Month):
Specify the month your financial year begins. For example, select "January" if your financial year starts at the beginning of the calendar year.
Currency:
Set the currency used in financial transactions and reporting. For instance, you might select GBP (£) if your operations are based in the United Kingdom.
Currency Symbol:
Option to hide or display the currency symbol in financial reports and documents. Enable this setting if you prefer not to show the currency symbol.
Adding Cost and Benefit Items
Add a Cost Item
To add a new cost item, first click on the Add cost Item button within the Cost Items section.
A modal window titled Add cost item will appear. Enter the name of the item in the Item Name input field.
After entering the name, click the Add button to add the new cost item to the list.
This cost item will now appear as an option to be added to an initiative on the Financials tab on an initiative detail page.
Add or Reassign Child Cost Item
To add a child cost item to an existing cost item in the 'Financials' configuration page, follow these steps.
First, locate the existing cost item to which you want to add a child cost item. Click on the three dots located next to the cost item's name.
A context menu will appear. From this menu, select the Add child cost item option.
An Add child cost item modal will appear, prompting you to enter the child item name. Enter the desired name for the child cost item in the provided input field.
Once added, you can also reassign a cost item by following the same steps but selecting Reassign to another cost item instead. This will open a modal where you can choose a new parent cost item.
Choose the new parent cost item from the dropdown menu. After selecting, click the Reassign button to complete the process.
Once reassigned, you will see the updated list of cost items in the Cost Items section, including the newly reassigned child cost item under its new parent. To see the cascade of a cost item, hit the plus icon next to the cost item.
Add a Benefit and Child Benefit item
Adding a benefit or child benefit item works the same way as adding cost items. This ensures a consistent approach for both types of items. You can also reassign a child benefit item in the same way as a child cost item.
Creating a new Budget and Plan
Creating a new Budget
In Kiplot, you can create and save a budget forecast that is independent of your live forecast and actuals.
To do this,
Locate the options button (three dots) within a financial plan. This can be found next to the 'current year' button
Under Actions, select Create new budget
Give this iteration of the budget a name. You can opt to pre-populate the budget from your existing forecast.
Update the budget and select create
Viewing Budget Versions
To view existing budgets within a financial profile, scroll to the bottom of the profile. You'll see a list of all previously created budgets, with the most recently created one shown at the top.
If you’d like to view an older version:
Locate the Budget dropdown just above the financial data entry section
Select the name of the budget you want to view from the list
This allows you to easily switch between different budget versions and review historical financial data as needed.
Creating a new Financial Plan
Besides budgets, you can also preserve a point-in-time view of your financial expectations with plans. Similar to budgets, plans are independent of your live forecasts and actuals.
Creating a Financial Plan is similar to creating a budget:
Locate the options button (three dots) within a financial plan. This can be found next to the 'current year' button
Under Actions, select Create new plan
Give this iteration of the plan a name. You can opt to pre-populate the plan from your existing forecast
Update the plan and select create
Viewing Plan Versions
To view existing plans within a financial profile, scroll to the bottom of the profile. You'll see a list of all previously created plans, with the most recently created one shown at the top.
If you’d like to view an older version:
Locate the plan dropdown just above the financial data entry section
Select the name of the plan you want to view from the list
This allows you to easily switch between different plan versions and review historical financial data as needed.
For both cost and benefit items, you can enable or disable them according to your organization's needs. This flexibility allows you to manage your financial data effectively.
These items will be available when you add a financial profile to your initiative. This makes it easy to track and manage your financial resources within your projects.
Subscription Required
Access to the financials feature requires a paid add-on subscription. Make sure your organization has subscribed to use this functionality.