Free Excel template

Free project budget vs actual template

For project leads, event committees and team managers who own a fixed budget and need to know where it stands before the invoices all arrive. Enter the budget for each line, what is already committed (signed quotes, purchase orders) and what has been spent; the template shows the variance and % used per line, flags lines that are over or close, totals each category and shows how much contingency is left.

cellwise-project-budget-vs-actual-template.xlsxExcel workbook · 5.7 KB · works in Excel, Google Sheets, Numbers and LibreOffice · no signup

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This is the template's sheet, calculated by the same engine as the Cellwise app. Change any number to see the formulas react before you download.

	A	B	C	D	E	F	G	H	I
1	Project budget vs actual: regional conference
2	Approved budget (excl. contingency)			28000		Warn at % used		0.9
3	Contingency (% of budget)			0.08
4	Contingency amount			2240
5
6	Line item	Category	Budget	Committed	Spent	Spent + committed	Variance	% used	Status
7	Venue and room hire	Venue	6500	0	6500	6500	0	1	Watch
8	AV equipment rental	Venue	1800	450	1650	2100	-300	1.1666666667	Over
9	Catering: lunches	Food	4200	4380	0	4380	-180	1.0428571429	Over
10	Catering: coffee and snacks	Food	900	0	615	615	285	0.68333333333	OK
11	Speaker fees	Program	3000	1500	1500	3000	0	1	Watch
12	Speaker travel	Program	2200	640	1980	2620	-420	1.1909090909	Over
13	Printed programs and badges	Marketing	650	0	712	712	-62	1.0953846154	Over
14	Social ads	Marketing	1200	300	880	1180	20	0.98333333333	Watch
15	Event app subscription	Tech	1500	0	1500	1500	0	1	Watch
16	Photographer	Program	1100	0	0	0	1100	0	OK
17	Signage and banners	Marketing	800	0	545	545	255	0.68125	OK
18	Staff travel	Staff	2400	1200	960	2160	240	0.9	Watch
19	Swag bags	Marketing	1400	1550	0	1550	-150	1.1071428571	Over
20	Insurance	Admin	350	0	350	350	0	1	Watch

How the formulas work

Count committed money, not just what is spent

F7=D7+E7

A signed quote or purchase order is money you will spend even if the invoice has not arrived yet. Adding committed and spent gives the real position of each line. Once an invoice is paid, move the amount from Committed to Spent so it is not counted twice.

Variance and % used

H7=IF(C7>0,F7/C7,0)

Variance in column G is budget minus spent and committed: positive is money left, negative is overspend. % used divides spent and committed by the budget, so 100% is exactly on budget. The IF stops a line with no budget from showing #DIV/0!.

Over and Watch flags

I7=IF(F7>C7,"Over",IF(H7>=$H$2,"Watch","OK"))

Over means a line has passed its budget. Watch means it has used at least the warning level in H2 (90% here) and has little room left. In the sample, five lines are over (AV, lunches, speaker travel, printed programs and swag bags) and six are on Watch. Four of those (venue, speaker fees, event app and insurance) are fixed fees that are exactly 100% used, which is expected; the warning is most useful on lines that can still grow, like staff travel.

Category totals with SUMIF

D24=SUMIF($B$7:$B$20,A24,$F$7:$F$20)

SUMIF adds spent and committed for every line in the category in A24, and column C does the same for the budget. Categories are what a finance team or sponsor usually wants to see; line items are what you manage day to day.

How much contingency is left

D32=SUMPRODUCT((F7:F20>C7:C20)*(F7:F20-C7:C20))

This adds up only the overspend on lines that are over budget. Underspend on other lines is not counted against it, because money not spent yet may still be needed. D33 subtracts the overspend from the contingency in D4 (8% of the budget here). D37 sums up the whole project in one phrase.

Make it yours

Agree the contingency percentage with whoever approves the budget, and decide who can release it. The 8% in the sample is a placeholder, not a recommendation.
Keep a separate costs log (date, supplier, line item, amount, committed or paid) and total column D and E from it with SUMIFS, so every number can be traced to an invoice or order.
Color the status column: select I7:I20, then Home > Conditional Formatting > Highlight Cells Rules > Equal To, and set Over to red and Watch to yellow.
Add a Forecast column for lines you expect to change (for example extra speaker travel) and compare forecast, not just spending to date, with the budget.

FAQ

How do I track budget vs actual in Excel?

List each budget line with its budget and actual spending, subtract to get the variance, and divide actual by budget for % used. Add a status column with IF to flag lines that are over, and SUMIF the lines into categories.

What is the difference between committed and actual costs?

Actual (spent) costs have been invoiced or paid. Committed costs are agreed but not yet paid, such as a signed contract or purchase order. Tracking both shows overspending weeks before the invoice arrives.

Should underspent lines offset overspent ones?

At the very end of a project, the total variance is what matters. During the project, many teams only offset overspend with contingency, because the money left on other lines may still be spent. This template shows both: the total variance in G21 and the overspend against contingency in D32.

Functions used

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Updated November 2, 2026