How to notify project managers on insufficient funds

Summary:

Hi

Currently our projects are enabled for budgetary control, where some of them has the control level as absolute and few as advisory. When users book transactions (Say AP Invoice) on a project and if there are insufficient funds, they get warning or error in the transaction creation page depending on the Budgetary control level ( warning for advisory and funds failure for absolute). Is there a way to notify project managers about this error? This is crucial for the project managers to review the budgets and take appropriate actions accordingly. In addition to that, is there a dashboard or a page where project managers can review the actual vs budget for each project along with the variances?