Definitions: how each figure is worked out

Every figure in Monument has one name and one calculation. A figure called Actual profit means the same thing on a report, a dashboard card, the project page and the schedule. Click the ? beside a figure to see its recipe where you are.

Settings → Definitions lists every figure with its recipe. The tables at the end of this page are the standard definitions. Most practices never change them, and we recommend that you keep them. A practice that measures something differently can change a few definitions, and the change applies on every screen, for everyone.

The Definitions page

Open Settings → Definitions. At the top is How we measure profit. Below it, the figures are in five groups: Hours, Expenses, Revenue, Profit and margin and Multipliers. Each row shows the figure's name and its recipe. A figure built from other figures shows the same lines the column builder opens with, in the same words: Cost value reads Actual hours × Each person's cost rate, and Actual margin reads Actual profit ÷ Actual revenue. In a row with several lines, Cost value reads Cost value. Other figures use the words of the ? on a report column.

An edit window works like the column builder. Join lines with +, −, × or ÷, add a fixed number, or tick lines and put them in brackets. A figure built from lines opens into its lines with Edit its lines. Cost value shows as its hours line and its rate line. The rate can't change here, because a definition always uses each person's own rate.

A row you can change has an Edit button. A row you can't change says why in one line, for example "Comes straight from the plan."

Only people who can edit Finances settings can change a definition. By default that is admins.

What a practice can change

Change a base figure. Six figures are the base of the others: Actual hours, Planned hours, Actual revenue, Planned revenue, Actual expenses and Planned expenses. Each one opens as its base line: Base actual hours, Base planned hours, Base actual revenue, Base fee, Base actual expenses or Base planned expenses. A base line is the number the figure has without a definition. You can only use base lines inside a definition. They are never a report column. For example, a practice can define Planned revenue as Base fee − Planned reimbursable revenue.

Actual hours, Actual revenue and Actual expenses can use their own base line and other core figures, but no planned lines. Planned hours, Planned revenue and Planned expenses can also use the planned lines, but not the Planned, Remaining, net revenue or multiplier figures below. A line a figure can't use shows greyed, with the reason. A figure can use its own base line, but never itself.

A changed base figure changes every number built on it, on every screen that shows it. In the column builder, the six figures still show as one line: Monument uses your definition for that column. A row filter on Planned hours, Fee or Planned expenses, and an invoice's fee progress, keep the plan's own number.

Leave time out of Actual hours or Upcoming hours. Edit Actual hours and open Filters on its Base actual hours line, or edit Upcoming hours and open Filters on its one line. Then add a leave-out filter. For example, Task tags has none of Variation leaves variation time out. Actual hours can leave time out by tags, task tags, task type, billable, approval status, role, team member or office. Upcoming hours takes the same filters except approval status. If Actual hours has more than one Base actual hours line, they all leave out the same time.

The change reaches every hours figure built on it. When Actual hours leaves variation time out, Projected hours, Remaining hours, Work done and Hours target used leave it out too, in every report, on the project page (the stage table, Total hours, Budget remaining), on Home, on the Projects dashboard and in the schedule panel. Team actual hours leaves it out too, because its standard is Base actual hours.

Also leave it out of cost and profit. Actual hours has one more choice. Unticked (the default), Cost value, profit and margin keep counting all logged time; only the hours figures leave it out. Tick Also leave it out of cost and profit and Cost value, Actual and Projected profit and margin leave that time out as well.

Change the recipe of a combined figure. These figures are built from other figures: Projected hours, Projected revenue, Actual net revenue, Projected expenses, Projected cost value, Projected charge-out value, Actual profit, Projected profit, Upcoming profit, Actual margin, Projected margin, Upcoming margin and Achieved multiplier. Edit one to swap a line, add or remove a line, or change the operator in front of a line. You can use × and ÷, fixed numbers and brackets. For example, a practice can define Actual profit as Invoiced − Actual expenses, or Actual margin as Actual profit ÷ Projected revenue.

Any figure in a line's list can be a line, except the figure itself. A figure can't be built from itself through other figures either, and it can't divide by 0. A margin or a multiplier has no value when it divides by 0 or less.

The lines of a combined figure take no filters. A filter belongs on the base figure, so Actual hours inside Projected hours is the same number as Actual hours everywhere. To leave time out of Projected hours, edit Actual hours instead.

If a definition uses a line that someone can't see, that person can't see the figure either. For example, if Actual hours adds Actual revenue, a person who can't see revenue can't see Actual hours, Work done or Hours target used in a report.

A profit or a margin never uses salaries. In its edit window, labour value and the multipliers show greyed, with the reason. Expenses already include Cost value. You can still add Cost value as a line of a profit, and the window says that the recipe then counts that time twice. A profit's expense lines follow How we measure profit, also in your practice's own recipe.

Until you change them, Actual margin and Projected margin follow their profit: Actual margin is Actual profit divided by the revenue lines of Actual profit. Upcoming profit and Upcoming margin follow Actual and Projected profit: when you change either, Upcoming profit reads Projected profit − Actual profit. Once you change a margin or Upcoming profit, it uses its own recipe. A total line works out the recipe from the summed lines: a margin divides the summed profit by the summed revenue.

Change a Planned, Remaining, net revenue or multiplier figure. These figures have an Edit button too: Planned profit, Planned margin, Planned net revenue and Planned multiplier; every Remaining figure (hours, expenses, revenue, fee, cost value, labour value, profit, margin, net revenue, reimbursable revenue and multiplier); Upcoming and Projected net revenue; Projected reimbursable revenue; and Upcoming and Projected multiplier. Each one opens with its standard lines. For example, Remaining profit opens as Planned profit − Actual profit.

These figures can use the planned lines: Planned revenue, Planned expenses, Planned hours, Planned cost value, Planned charge-out value, Planned labour value, Planned reimbursable revenue and Upcoming reimbursable revenue. They can also use each other, for example Remaining profit inside Remaining margin.

The other figures are core figures. Monument works out core figures before planned ones, so a core figure can't use planned lines or the figures above. In its edit window, those lines show greyed with the reason.

A Planned or Remaining profit or margin never uses salaries either. Labour value and the multipliers show greyed in its window.

Change Team actual hours. Team actual hours has its own definition. It never follows the Actual hours recipe, and Actual hours never follows it. Its standard is Base actual hours: the time each person logged, with the time your practice leaves out of Actual hours left out. Its edit window offers only the lines each person's time has: Base actual hours, Cost value, Actual charge-out value and Actual labour value, with numbers, +, −, ×, ÷ and brackets. For example, Base actual hours × 0.5 halves every person's hours. Monument works the definition out for each person, then adds the people up for a team total. The change reaches Team actual hours in every report, the project page's Team table, and the people, role, allocation and team hours on the schedule.

Projected charge-out value opens as Actual charge-out value + Upcoming charge-out value. Remaining charge-out value is Planned charge-out value − Actual charge-out value. Actual charge-out value is the charge-out value of logged time that both figures use. You can use it as a line in any definition.

What never changes

Some rules are the same for every practice, so their rows have no Edit button:

• Profit and margin never use salaries. Salaries are used only in labour value and multipliers.
• Labour value is one rule for every practice. Break-even multiplier is fixed too.
• Operating profit and Operating margin are their own figures, from the practice revenue forecast. They are not Projected profit and margin.
• Reimbursable expenses always count in expenses. The reimbursable revenue you bill for them offsets them.

Figures that come straight from the records or the plan are fixed too: Planned cost value and Planned charge-out value come from the plan; Invoiced, Cash collected and the WIP figures follow the invoices, payments and billing rules.

Save a change

1. Click Edit on the row. The window warns that the standard definition is recommended.
2. Change the lines, operators, numbers or brackets, or add the filters.
3. Click Save. Monument asks you to confirm and names the numbers and screens that change.
4. Click Change and save.

The change is recorded in the Activity log with the old and the new definition.

Customised and Back to standard

A row you changed shows Customised. The ? on every figure that follows it says your practice's own definition, so the words always describe the number you see.

To undo a change, click Back to standard on the row and confirm. The figure goes back to the standard definition on every screen.

Report columns with their own recipe

A practice definition is the default for every report. A report column can also get its own recipe in the Add Column window, for example Projected hours with variation time left out, or a Profit that takes Invoiced instead of Actual revenue. That column shows Customised under its name, and its ? shows its own recipe. Only that column in that report changes, and it keeps its own recipe when the practice changes a definition. Saved columns that use the standard figure follow the practice definition.

How we measure profit

Practices count revenue and profit in different ways. How we measure profit, at the top of Settings → Definitions, sets it once for the whole practice. It starts at Monument's usual definition, so nothing changes until someone changes it.

• Actual revenue counts: Paid invoices (the paid part of each issued invoice), Issued invoices (the whole invoice, paid or not) or Cash received (payments, dated by the day they arrived). All three are before tax and include revenue entries. A practice that doesn't record payments starts on Issued invoices. Upcoming revenue takes what Actual revenue does not.
• Profit takes off: Actual expenses, which hold team time at each person's cost rate and the expense records. Untick Billable expenses to leave billable expense records out of profit. Actual and Projected profit and margin then say "without billable expense records", and in the column builder the expense line says so. Reimbursable expenses (sub-consultant and reimbursable costs billed back to the client) always count: the reimbursable revenue you bill for them offsets them.

The setting changes Actual revenue, Actual profit and Actual margin, and the Upcoming, Projected and Remaining profit and margin built on them, on reports, project pages, the schedule and mobile. It doesn't change Operating margin, Planned margin, multipliers or imported CoinCraft reports, and the Actual expenses column always shows every recorded expense. Report columns someone customised keep their own choices. Saving asks you to confirm, because the numbers change for everyone. The change is recorded in the Activity log.

The standard definitions

Each figure is a measure with five variants: Actual (what has happened), Upcoming (what is still to come), Projected (Actual + Upcoming), Planned (the plan) and Remaining (Planned − Actual). Every measure has all five. Hours has a sixth, Team actual: the hours of each person (see Hours below). Every variant of a measure follows the same shape: Projected is always Actual + Upcoming, Remaining is always Planned − Actual, every Profit is its Revenue − its Expenses, every Margin is its Profit ÷ its Revenue, every Net revenue is its Revenue − its Reimbursable revenue, and every Multiplier is its Net revenue ÷ its Labour value.

Expenses include team time at each person's cost rate (Cost value), so Profit takes it off once, through Expenses. Planned team time counts once too: from the planned hours at the cost rate, never also from an "Expense from Allocations" budget item.

Hours

Variant	Figure	Recipe
Actual	Actual hours	Logged time
Team actual	Team actual hours	Logged time per person
Upcoming	Upcoming hours	Allocated hours from today
Projected	Projected hours	Actual hours + Upcoming hours
Planned	Planned hours	Allocated hours in the plan
Remaining	Remaining hours	Planned hours − Actual hours

Other hours figures: Work done (Actual hours ÷ Planned hours), Hours target used (Actual hours ÷ Hours target) and WIP hours (Actual hours · Billable · Not invoiced).

Hours has two actual figures. Actual hours is the project figure: projects, tasks and periods. Team actual hours is the team figure: each person, role and allocation, and the schedule. A report can show both, side by side. A team total, such as the Team table total or a role's total, adds up its people.

People and allocation reports have Remaining hours too. On a person's row it is their planned hours minus their Team actual hours. On an allocation's row it is the allocation's planned hours minus the time logged against that allocation. With no date range it covers all time. Pick a date range, such as This month, to see the month's share of the planned hours (by working days) minus the time logged in the month.

Revenue

Variant	Figure	Recipe
Actual	Actual revenue	Invoices + Revenue entries
Upcoming	Upcoming revenue	Milestones still to bill + Unpaid invoices
Projected	Projected revenue	Actual revenue + Upcoming revenue
Planned	Planned revenue	Fee
Remaining	Remaining revenue	Planned revenue − Actual revenue

Which part of an invoice counts as Actual revenue follows How we measure profit (above). Draft invoices never count. Planned revenue is the fee, spread along the milestones: with no date range it is the Fee, the agreed fee for the work (the sum of its fee lines). Other revenue figures: Fee left to invoice (Fee − Invoiced), Invoiced (Approved and issued invoices, before tax) and Cash collected (Payments received).

Net revenue

Net revenue is revenue without the sub-consultant and reimbursable part you bill back to the client.

Variant	Figure	Recipe
Actual	Actual net revenue	Actual revenue − Reimbursable revenue
Upcoming	Upcoming net revenue	Upcoming revenue − Upcoming reimbursable revenue
Projected	Projected net revenue	Actual net revenue + Upcoming net revenue
Planned	Planned net revenue	Planned revenue − Planned reimbursable revenue
Remaining	Remaining net revenue	Planned net revenue − Actual net revenue

Reimbursable revenue

Variant	Figure	Recipe
Actual	Reimbursable revenue	Invoice lines for sub-consultants and reimbursables
Upcoming	Upcoming reimbursable revenue	Upcoming revenue · Sub-consultant and reimbursable fee lines
Projected	Projected reimbursable revenue	Reimbursable revenue + Upcoming reimbursable revenue
Planned	Planned reimbursable revenue	Fee · Sub-consultant and reimbursable fee lines
Remaining	Remaining reimbursable revenue	Planned reimbursable revenue − Reimbursable revenue

Upcoming reimbursable revenue is the part of Upcoming revenue that comes from fee lines marked sub-consultant or reimbursable: milestones still to bill on those lines, and the unpaid part of invoice lines of those types. Planned reimbursable revenue is those fee lines inside the Fee; a fee group counts its sub-consultant and reimbursable fees. Upcoming, Projected, Planned and Remaining net revenue, Projected and Remaining reimbursable revenue and every multiplier but Achieved cover the whole job: they have no date range.

Expenses

Variant	Figure	Recipe
Actual	Actual expenses	Cost value + Expense records
Upcoming	Upcoming expenses	Upcoming cost value + Planned expenses still to come + Open purchase orders
Projected	Projected expenses	Actual expenses + Upcoming expenses
Planned	Planned expenses	Budgeted expenses + Planned cost value
Remaining	Remaining expenses	Planned expenses − Actual expenses

Cost value

Variant	Figure	Recipe
Actual	Cost value	Actual hours × Each person's cost rate
Upcoming	Upcoming cost value	Upcoming hours × Each person's cost rate
Projected	Projected cost value	Cost value + Upcoming cost value
Planned	Planned cost value	Planned hours × Each person's cost rate
Remaining	Remaining cost value	Planned cost value − Cost value

Planned cost value counts every booking in the plan, past and future. It is the same amount that Planned expenses already includes for team time.

Charge-out value

Variant	Figure	Recipe
Actual	Charge-out value	Billable hours × Each person's charge-out rate
Upcoming	Upcoming charge-out value	Upcoming hours × Each person's charge-out rate
Projected	Projected charge-out value	Charge-out value + Upcoming charge-out value
Planned	Planned charge-out value	Planned hours × Each person's charge-out rate
Remaining	Remaining charge-out value	Planned charge-out value − Charge-out value

Labour value

Variant	Figure	Recipe
Actual	Actual labour value	Actual hours × Salary-based labour rate
Upcoming	Upcoming labour value	Upcoming hours × Salary-based labour rate
Projected	Projected labour value	Actual labour value + Upcoming labour value
Planned	Planned labour value	Planned hours × Salary-based labour rate
Remaining	Remaining labour value	Planned labour value − Actual labour value

Multipliers use labour value; profit never does. Planned cost value, Planned charge-out value and Planned labour value always cover the whole plan, so they have no date range. Their Remaining figures can take one: each booking's share of the range's working days, minus the actual value recorded in the range.

Profit

Variant	Figure	Recipe
Actual	Actual profit	Actual revenue − Actual expenses
Upcoming	Upcoming profit	Upcoming revenue − Upcoming expenses
Projected	Projected profit	Projected revenue − Projected expenses
Planned	Planned profit	Planned revenue − Planned expenses
Remaining	Remaining profit	Planned profit − Actual profit

Upcoming profit follows How we measure profit, like Actual and Projected profit. If your practice changes Actual profit or Projected profit (or Projected revenue or Projected expenses), Upcoming profit reads Projected profit − Actual profit: the same number, worked out from your practice's own definitions.

Margin

Variant	Figure	Recipe
Actual	Actual margin	Actual profit ÷ Actual revenue
Upcoming	Upcoming margin	Upcoming profit ÷ Upcoming revenue
Projected	Projected margin	Projected profit ÷ Projected revenue
Planned	Planned margin	Planned profit ÷ Planned revenue
Remaining	Remaining margin	Remaining profit ÷ Remaining revenue

After such a change, Upcoming margin reads Upcoming profit ÷ (the revenue Projected profit counts − the revenue Actual profit counts), for example Upcoming profit ÷ (Projected revenue − Actual revenue).

Remaining margin is Remaining profit ÷ Remaining revenue. A total divides the summed profit by the summed revenue; it never averages row margins.

Multiplier

Variant	Figure	Recipe
Actual	Achieved multiplier	Actual net revenue ÷ Actual labour value
Upcoming	Upcoming multiplier	Upcoming net revenue ÷ Upcoming labour value
Projected	Projected multiplier	Projected net revenue ÷ Projected labour value
Planned	Planned multiplier	Planned net revenue ÷ Planned labour value
Remaining	Remaining multiplier	Remaining net revenue ÷ Remaining labour value

Each multiplier is that variant's net revenue ÷ that variant's labour value, so the future ones also leave out the sub-consultant and reimbursable fee lines. A total divides the summed net revenue by the summed labour value; it never averages row multipliers. Break-even multiplier is a measure of its own.

Reimbursable

Reimbursable expenses are sub-consultant and reimbursable costs billed back to the client. They are part of Actual expenses. Reimbursable revenue is what you invoice for them. Reimbursable recovery is Reimbursable revenue ÷ Reimbursable expenses: how much of those costs you invoiced to the client. These figures used to be called pass-through.

The practice revenue forecast has its own figures, Operating profit (Projected revenue − Labour cost − Operational expenses) and Operating margin (Operating profit ÷ Projected revenue). They use staff pay and firm overheads, so they are different figures from Projected profit and margin.

The recipes are the lines in Add Column

The Recipe in these tables is what the Add Column panel shows as lines. In Add Column, pick the measure, then its variant: pick Hours, then Projected, and the panel lists two lines: Actual hours and Upcoming hours. Pick Remaining and it lists Planned hours, then Actual hours with a minus sign. Work done shows Actual hours, then Planned hours after ÷. Cost value shows Actual hours, then × Each person's cost rate on a rate line. A figure with one source, such as Actual hours, is one line.

A recipe uses the fewest, highest-level figures. Remaining margin is two lines, Remaining profit ÷ Remaining revenue, not the four figures inside them. Each of those lines has How it's built, which shows its own recipe, and Edit its lines, which puts its lines in brackets in its place. Any figure in these tables can be a line, including Remaining and net revenue figures.

Leave the lines as they are and the column is the standard figure, or your practice's definition when it changed one on Settings → Definitions. Change a line, add one, or give a line its own filter, such as Task tags has none of Variation, and the column is Customised. See Build a custom report for how lines, rate lines and their filters work.

The report period decides the dates. Under a period ending today, Upcoming figures cover only today, so a Projected figure is close to its Actual figure.