Project Budget vs Actual (Excel)
Plan the project budget line by line, then log every bill and purchase order as it comes in. The workbook adds them up per line into committed (ordered, not yet paid) and actual (paid), takes your estimate of what is still to come, forecasts the final cost and shows the variance against budget in amount and percent. Lines heading over budget turn amber and red long before the money runs out.
Free · no sign-up · opens in Microsoft Excel, Google Sheets, LibreOffice and WPS Office. Files contain no macros.
Preview
Real view of the file with its sample data (yellow cells are where you type).
| Budget line / work package | Cost type | Budget (USD) | Committed (USD) | Actual (paid) (USD) | Remaining (USD) | Estimate to complete (USD) | Forecast at completion (USD) | Variance (USD) | Variance % | Status |
| Project manager (part time) | Labour | 4,000 | 0 | 2,000 | 2,000 | 4,000 | 0 | 0.0% | OK | |
| Web developer | Labour | 6,500 | 0 | 1,600 | 4,900 | 4,800 | 6,400 | 100 | 1.5% | Watch |
| Design agency | Services and contractors | 3,000 | 1,700 | 1,500 | -200 | 0 | 3,200 | -200 | -6.7% | Over budget |
| Content writing and translation | Services and contractors | 1,500 | 0 | 0 | 1,500 | 1,500 | 0 | 0.0% | OK | |
| Hosting and domain (first year) | Software and licences | 600 | 0 | 540 | 60 | 600 | 0 | 0.0% | Watch | |
| Website builder and plugins | Software and licences | 450 | 0 | 470 | -20 | 470 | -20 | -4.4% | Over budget | |
| Photography | Services and contractors | 800 | 800 | 0 | 0 | 800 | 0 | 0.0% | Watch | |
| Testing devices | Equipment | 350 | 0 | 0 | 350 | 350 | 0 | 0.0% | OK | |
| Staff training | Training | 300 | 0 | 0 | 300 | 300 | 0 | 0.0% | OK |
What's inside
- Settings: project name, currency, approved budget and contingency
- Budget sheet with 40 lines: work package, cost type, budget, committed, actual, remaining, estimate to complete, forecast at completion, variance and variance %
- Spending log with 400 rows: date, budget line (picked from a list), description, supplier, reference, amount and whether it is committed or paid
- Monthly sheet: actual spend per month for 18 months with a running total against the budget
- Summary by cost type (labour, materials, equipment, software, services, travel, other) with a budget vs forecast chart
- Contingency use: how much of the reserve is already spent
How to use it
- On the Settings sheet type the project name, your currency and the start month.
- On the Budget sheet replace the sample work packages with your own. Give each a cost type and a budget amount.
- Log each purchase order or bill on the Spending sheet. Pick the budget line, type the amount and choose "Committed" for an order not yet paid or "Paid" once it is paid.
- When an order is paid, change its status from Committed to Paid. Do not add a second row.
- Once a month, update the "Estimate to complete" column on the Budget sheet: how much more each line will still cost.
- Read the status: green OK, amber Watch (90% or more of the line is already committed or paid, or your estimate puts the forecast within 5% of the budget), red Over budget. Report the forecast at completion, not just the money spent.
Tips
- Committed costs matter: an order already placed is money you can no longer spend elsewhere.
- If the estimate to complete is left empty, the forecast assumes the remaining budget will be spent exactly, which is optimistic. Fill it in.
- Keep contingency as its own budget line and log its use with a note of which risk or change it paid for.
- For tax, accounting or contract questions about project costs, check with your accountant or finance team.
Questions and answers
What is forecast at completion (EAC)?
Your best estimate of the final cost of the line: actual cost so far + committed cost + estimate to complete.
How is variance worked out?
Variance = budget − forecast at completion. A positive number is a saving, a negative one is an overspend. Variance % divides it by the budget.
Can I use a currency other than rupees?
Yes. Type any currency code or symbol on the Settings sheet; the headings show it. Amounts are plain numbers with thousand separators, so they suit every currency.
Why is a line amber (Watch)?
It is still within budget but has little room left: either 90% or more of its budget is already committed or paid, or the estimate to complete you typed puts the forecast at 95% to 100% of the budget.