Try It!

While your organization will have specific financial management policies and requirements, actual costs should be recorded once a month based on details provided by the finance department according to project accounting principles.

Updating project costs involves recording actual costs incurred and adjusting the remaining forecast costs as needed.   

To update project costs:

1. Open the Financials tab for the current project.
   
   
2. Select the Forecast card for the month you are updating actual costs.
   
   
3. Enter the actual costs by line.
   
   
4. Review and update any remaining forecast values to align to the project schedule.
   
   

Download Job Aid: Tracking project progress

_{Disclaimer: Some images in the instructional video and text instructions contained herein may appear different from (or not available) in your organization’s Sensei IQ instance due to specific custom configurations and/or continuous solution updates. Ensure that you are already an enabled user in the Sensei.IQ for Project application and check out the What’s New page. Contact your system administrator for any assistance.}