You can change the budget tracking level on individual projects as well as on the organization level. The default value utilizes the value specified in the organization setting.
Learn more about organization default budget settings
There are 3 options for budget tracking:
Track time on Phase level:
Track time only on Phase level, not on work categories
All timesheets and work plans will show under Phase Time category under this phase
Track time by Work Categories:
Allow creating Work Categories under each Phase and Subphase and track time on Work Categories
Do not track time:
Do not track spent time and planned time
Do not allow entering timesheets or creating work plans.
How to change Budget Tracking Level on Manage Time Settings?
Click the field to select a new tracking level option.
A confirmation modal will show to confirm if this change will be applied to all Phases or just the new Phases. Select the option that fit your needs
Click done on the modal and refresh to see the updated Budget Tracking Level on all Phases.