---
title: "Project Estimates"
canonical: "https://support.functionfox.com/space/GS/39323162/Project%20Estimates"
format: markdown
---
## Project Estimates
The Project Estimate tool allows you to set a budget of estimated hours, fees, and [expenses](https://functionfox.atlassian.net/wiki/spaces/GS/pages/39323274), which actual hours, fees, and expenses, can be tracked against.
We use these terms throughout FunctionFox to describe all financial sums and budgets:
**Expenses:** Outside resources incurred for the project.
**Tasks:** Services provided by your company.
**Costs: **What your company pays for tasks and/or expenses.
**Fees: **The billable value of tasks and/or expenses.
**Estimated: **Expected amounts related to tasks and/or expenses.
**Actual:** Real amounts related to tracked time and/or expenses.
### Task-Based Estimates
Task-Based Estimates allow you to create a project budget by entering in the estimated hours for each task applied to the project. This can be very useful when working against tight budgets or needing to provide a quote to a client for project approval.
#### To Set Up a Task-Based Estimate
1. Go to **Projects > Estimate** in the left menu.
2. Select the **Client **and **Project** in the drop-down menus at the top of the page.
3. Scroll down to the listed tasks and enter in the Estimated Hours for each task. (The estimated hours field is in-line editable, and the entered hours are saved automatically). If no Tasks are listed, these can be added to the Project through the Projects > Task page.
The estimated fees will be automatically calculated based on the [hourly rates](https://functionfox.atlassian.net/wiki/spaces/GS/pages/39322546) for each task and the number of hours you have entered.
The **Actual Costs **column is calculated by the hours tracked by each user x their [personnel cost rate](https://functionfox.atlassian.net/wiki/spaces/GS/pages/55345155).
Once estimated hours have been entered for each task, you’ll see a grey bar in the Compare column that represents the estimate and as your team tracks time against the project, this will update. A teal bar represents actual hours under 75% of the estimate, a yellow bar represents actual hours within 75% to 100% of the estimate, and red represents an amount over budget.
Project budgets can also be monitored from the [Project Info modal](https://support.functionfox.com/space/GS/39323343/Reviewing+Project+Details), the CEO Desktop, and the Estimate Report.
### Project-Level Estimates
If you would prefer to create an estimate without breaking out the estimated hours by task, FunctionFox also allows for project-level estimates, allowing you to assign a total amount of estimated hours and/or estimated fees to a project. Click on your initials at the top right, and then the Settings & Preferences gear icon. Under **Account Preferences > Other**, check off the option 'Use Project-Level Estimates'.
If project-level estimates are active, this setting will be applied to all existing projects and new projects going forward. Any task-level estimates will no longer be displayed.
On the Projects > Estimate page, you can add your estimated amounts by filling in either the **Estimated Hours** or **Estimated Fees** field (or both, to track against an overall amount of estimated hours and an overall estimated fee). This can also be done on the Projects > Manage page.
#### Estimate Alerts
To set notifications based on your Project Estimates, navigate to **Settings & Preferences > Account Preferences > Alerts**. In the Estimated Hours Alert/Estimates Fees Alert fields, choose as many percentages as you want. The Project Manager will receive a notification when the actual hours/fees have reached a selected estimate percentage, as long as they also have the ‘Actual project fees have reached a specified % of estimate’ and/or ‘Actual project hours have reached a specified % of estimate’ notifications activated under** My Preferences > Notifications > Project Notifications**.
> ℹ️ 
> ℹ️
> ℹ️ **FOX TIP: **Want the estimate notifications for a specific project to go to users other than just the project manager? Users selected in the Estimate Notifications drop-down menu on the Estimate page will also receive notifications for that project.
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> ℹ️ **Looking to track against a set monthly budget for multiple projects under one Client? Check out our ****[Retainer Tracking](https://functionfox.atlassian.net/wiki/spaces/GS/pages/39323225)**** tool.**