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Paid version
Budgets
In the Budget module, the banner displays the following information by default:
- Original Budget: The sum of the Original Budget column.
- Projected Budget: The sum of the Current Budget, Pending Revisions, and Approximate Revisions columns.
- Projected Costs: The sum of the Total Committed Costs, Uncommitted Costs, Pending Commitment, and Approximate Commitment columns.
- Projected Over / Under: The projected costs subtracted from the projected budget.
- In the record settings, you can select which information is displayed in the banner and change how certain columns are calculated.
- The banner is updated based on the budget items that are visible in the grid.
- In the project menu, click Financials > Budget.
- In the budget, hover over the column header.
The tooltip displays the calculation, if applicable, and any additional information.
Tooltip for the Original Budget column
- In the budget snapshot list, click the snapshot.
- If the Forecast To Complete amount is displayed as line items, click the amount in the Forecast To Complete column to view the details.
Budget snapshots are read-only.
The columns can be divided into the following types:
- Actuals: Track the amount of money you actually spend on a project. The actual costs include the money you pay to subcontractors and vendors through contract invoices and general invoices that are approved for the budget.
- Budget: Track the money given to you, usually by the owner, to complete the project. The budget includes the value of changes that the owner agrees to pay.
- Costs: Track the expenditures and commitments for a project. Costs include money that you commit to spend through contracts and subcontract change orders.
- Forecasts: Add information to budget cost forecasts.
- Over / Under: Track the amount of savings or overrun for the project. A savings is a positive difference, and an overrun is a negative difference.
- Budget and cost columns are independent of each other.
- If the units and hours setting is on, the columns for hours, quantity and unit price are available.
- If the budget view is reset to the default, the default budget columns are displayed in the grid.
- Budget Code
- Description
- Status
- Original Budget
- Approved Revisions
- Current Budget
- Pending Revisions
- Approximate Revisions
- Projected Budget
- Original Commitments
- Approved Commitment Changes
- Non Commitment Changes
- Total Committed Costs
- Uncommitted Costs
- Pending Commitment
- Approximate Commitment
- Projected Costs
- Current Over / Under
- Projected Over / Under
- Actual Cost This Period
- Actual Cost To This Period
- Additional Actual Costs
- Actual Cost To Date
- Actual Cost To Complete
- Actual Percent Complete
- Forecast To Complete
- Forecast Cost
- Forecast Over / Under
- Forecast Start Date
- Forecast Finish Date
- Forecast Allocation Type
- Revenue Code
Column | Description | Calculation |
---|---|---|
Actual Cost This Period | Actual cost for the current cost period. | Net Complete Value for contract invoice items + Subtotal for general invoice items + Tax Total for general invoices for the current cost period |
Actual Cost This Period Hours | This Invoice Hours for contract invoice items for the current cost period | |
Actual Cost This Period Quantity | This Invoice Qty for contract invoice items for the current cost period | |
Actual Cost This Period Unit Price | Actual Cost This Period Amount / Actual Cost This Period Quantity | |
Actual Cost To Complete | Remaining cost of the project. | Depending on the field calculation setting: Projected Costs - Actual Cost To Date —Or— Forecast Cost - Actual Cost To Date |
Actual Cost To Complete Hours | Depending on the field calculation setting: Projected Costs Hours - Actual Cost To Date Hours —Or— Forecast Cost Hours - Actual Cost To Date Hours |
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Actual Cost To Complete Quantity | Depending on the field calculation setting: Projected Costs Quantity - Actual Cost To Date Quantity —Or— Forecast Cost Quantity - Actual Cost To Date Quantity |
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Actual Cost To Complete Unit Price | Actual Cost To Complete Amount / Actual Cost To Complete Quantity | |
Actual Cost To Date | Actual cost to date. | Net Complete Value for contract invoice items for all cost periods + Subtotal for general invoice items for all cost periods + Tax Total for General invoices for all cost periods + Additional Actual Costs |
Actual Cost To Date Hours | This Invoice Hours for contract invoice items for all cost periods + Additional Actual Costs Hours | |
Actual Cost To Date Quantity | This Invoice Qty for contract invoice items for all cost periods + Additional Actual Costs Quantity | |
Actual Cost To Date Unit Price | Actual Cost To Date Amount / Actual Cost To Date Quantity | |
Actual Cost To This Period | Actual cost up to and including the current period. | Net Complete Value for contract invoice items + Subtotal for general invoice items + Tax Total for general invoices up to and including the current cost period |
Actual Cost To This Period Hours | This Invoice Hours for contract invoice items up to and including the current cost period | |
Actual Cost To This Period Quantity | This Invoice Qty for contract invoice items up to and including the current cost period | |
Actual Cost To This Period Unit Price | Actual Cost To This Period Amount / Actual Cost This Period Quantity | |
Actual Percent Complete | Percentage of the project cost that has been paid. | Depending on the field calculation setting: Actual Cost To Date / Projected Costs —Or— Forecast Cost / Projected Costs |
Actual Percent Complete Hours | Depending on the field calculation setting: Actual Cost To Date Hours / Projected Costs Hours —Or— Actual Cost To Date Hours / Forecast Cost Hours |
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Actual Percent Complete Quantity | Depending on the field calculation setting: Actual Cost To Date Quantity / Projected Costs Quantity —Or— Actual Cost To Date Quantity / Forecast Cost Quantity |
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Additional Actual Costs Amount | Additional actual costs. |
When Additional Actual Costs Quantity is edited in the budget, Additional Actual Costs Amount is: Additional Actual Costs Unit Price * Additional Actual Costs Quantity —Or— When Additional Actual Costs Unit Price is edited in the budget, Additional Actual Costs Amount is: Additional Actual Costs Price * Additional Actual Costs Quantity |
Additional Actual Costs Hours | Editable column in the budget | |
Additional Actual Costs Quantity | Editable column in the budget | |
Additional Actual Costs Unit Price |
Editable column in the budget When Additional Actual Costs Amount is edited in the budget, Additional Actual Costs Unit Price is: Additional Actual Costs Amount / Additional Actual Costs Quantity |
Column | Description | Calculation |
---|---|---|
Approved Revisions | Approved changes to the budget. | Potential change order (PCO) items with the Approved Revisions budget allocation |
Approved Revisions Hours | (Budget impacts) Applied Hours for PCO Items with the Approved Revisions budget allocation | |
Approved Revisions Quantity | (Budget impacts) Applied quantity for PCO Items with the Approved Revisions budget allocation | |
Approved Revisions Unit Price | Approved Revisions Amount / Approved Revisions Quantity | |
Approximate Revisions | Rough estimates of changes that are expected to increase the budget. | PCO items with the Approximate Revisions budget allocation. |
Approximate Revisions Hours | (Budget impacts) Applied Hours for PCO items with the Approximate Revisions budget allocation | |
Approximate Revisions Quantity | (Budget impacts) Applied quantity for PCO items with Approximate Revisions budget allocation | |
Approximate Revisions Unit Price | Approximate Revisions Amount / Approved Revisions Quantity | |
Contract Item | ERP integration: The contract number, contract item, and contract description from the linked ERP job. This column is read-only and is updated automatically from the ERP.
API: The contract number, SOV item number, and SOV item description from a non-committing contract. |
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Current Budget | Sum of the original budget and approved budget revisions. | Original Budget + Approved Revisions |
Current Budget Hours | Original Budget Hours + Approved Revisions Hours | |
Current Budget Quantity | Original Budget Quantity + Approved Revisions Quantity | |
Current Budget Unit Price | Current Budget Amount / Current Budget Quantity | |
Original Budget | Amount in the Original Budget field in the budget item record. | Original Budget Amount / Original Budget Quantity |
Original Budget Hours | Editable budget column when it isn't Approved | |
Original Budget Quantity | Original Budget Unit Price * Original Budget Quantity | |
Original Budget - Unit Price | Original Budget Unit Price * Original Budget Quantity | |
Pending Revisions | Proposed changes that are expected to increase the budget. | PCO items with the Pending Revisions budget allocation |
Pending Revisions Hours | (Budget impacts) Applied Hours for PCO items with the Pending Revisions budget allocation | |
Pending Revisions Quantity | (Budget impacts) Applied quantity for PCO items with the Pending Revisions budget allocation | |
Pending Revisions Unit Price | Pending Revisions Amount / Pending Revisions Quantity | |
Projected Budget | Total budget if all the pending and approximate budget revisions are approved. | Current Budget + Pending Revisions + Approximate Revisions |
Projected Budget Hours | Current Budget Hours + Pending Revisions Hours + Approximate Revisions Hours | |
Projected Budget Quantity | Current Budget Quantity + Pending Revisions Quantity + Approximate Revisions Quantity | |
Projected Budget Unit Price | Projected Budget Amount / Projected Budget Quantity |
Column | Description | Calculation |
---|---|---|
Approved Commitment Changes | Sum of PCO items that are linked to subcontract change orders (SCOs). When a PCO item is part of an approved SCO, the cost allocation is set automatically to Approved Commitment. The amount moves from the column associated with the previous cost allocation to the Approved Commitment Changes column. Example
In the budget, the applied cost is added to the Pending Commitment column. The cost allocation changes to Approved Commitment, and the applied cost is removed from the Pending Commitment column and moved to the Approved Commitment Changes column. |
Cost Applied amount for PCO items with the Approved Commitment cost allocation |
Approved Commitment Changes Hours | (Cost impacts) Applied Hours for PCO items with the Approved Commitment cost allocation | |
Approved Commitment Changes Quantity | (Cost impacts) Applied quantity for PCO items with the Approved Commitment cost allocation | |
Approved Commitment Changes Unit Price | Approved Commitment Changes Amount / Approved Commitment Changes Quantity | |
Approximate Commitment | Rough estimates of proposed changes that are expected to increase the cost of the project. | PCO items with the Approximate Commitment cost allocation —Or— PCO items with the Uncommitted Cost cost allocation |
Approximate Commitment Hours | (Cost impacts) Applied Hours for PCO items with the Approximate Commitment cost allocation + (Cost impacts) Applied Hours for PCO items with the Use Uncommitted Cost (Approximate) cost allocation | |
Approximate Commitment Quantity | (Cost impacts) Applied quantity for PCO items with the Approximate Commitment cost allocation + (Cost impacts) Applied quantity for PCO items with the Use Uncommitted Cost (Approximate) cost allocation | |
Approximate Commitment Unit Price | Approximate Commitment Amount / Approximate Commitment Quantity | |
Direct Costs | Job costs from the ERP or the API.
You can only update this column via the ProjectSight API. |
Non-commitment portion of the ERP job costs where the type is not Subcontractor Invoice or General Invoice
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Non Commitment Changes | Sum of general invoice amounts not linked to purchase orders. | Subtotal for general invoice items in general invoices not linked to purchase orders + General Invoice Tax Total when not linked to purchase orders |
Non Commitment Changes Quantity | Quantity for general invoice items in general invoices that aren't linked to purchase orders | |
Non Commitment Changes Unit Price | Non Commitment Changes Amount / Non Commitment Changes Quantity | |
Original Commitments | Sum of all committing contracts and purchase orders. | Sched Value for contract SOV items + Subtotal —Or— Invoiced Amount for purchase order items (whichever is greater) + Tax Total —Or— Tax Invoiced for purchase orders (whichever is greater) + General Invoice Items Subtotal when the general invoice is linked to a purchase order but the general invoice item is not linked to a purchase order item |
Original Commitments Hours | Scheduled Hrs for contract SOV items | |
Original Commitments Quantity | Scheduled Qty for contract SOV items + Quantity —Or— Invoiced Quantity for purchase order items (whichever is greater) + General Invoice Items Quantity when the general invoice is linked to a purchase order but the general invoice item is not linked to a purchase order item | |
Original Commitments Unit Price | Original Commitments Amount / Original Commitments Quantity | |
Pending Commitment | Proposed commitments that increase the costs of the project. | PCO items with the Pending Commitment —Or— Use Uncommitted Cost (Pending) cost allocation |
Pending Commitment Hours | (Cost impacts) Applied Hours for PCO items with the Pending Commitment cost allocation + (Cost impacts) Applied Hours for PCO items with the Use Uncommitted Cost (Pending) cost allocations | |
Pending Commitment Quantity | (Cost impacts) Applied quantity for PCO items with the Pending Commitment cost allocation + (Cost impacts) Applied quantity for PCO items with the Use Uncommitted Cost (Pending) cost allocations | |
Pending Commitment Unit Price | Pending Commitment Amount / Pending Commitment Quantity | |
Projected Costs | Total cost of the project if all the pending commitments, approximate commitments, and uncommitted costs are approved. | Total Committed Costs + Uncommitted Costs + Pending Commitment + Approximate Commitment |
Projected Costs Hours | Total Committed Costs Hours + Uncommitted Costs Hours + Pending Commitment Hours + Approximate Commitment Hours | |
Projected Costs Quantity | Total Committed Costs Quantity + Uncommitted Costs Quantity + Pending Commitment Quantity + Approximate Commitment Quantity | |
Projected Costs Unit Price | Projected Costs Amount / Projected Costs Quantity | |
Total Committed Costs | Sum of all costs committed through committing contracts, purchase orders, SCOs, and general invoices. | Original Commitments + Approved Commitment Changes + Non Commitment Changes |
Total Committed Costs Hours | Original Commitments Hours + Approved Commitment Changes Hours | |
Total Committed Costs Quantity | Original Commitments Quantity + Approved Commitment Changes Quantity + Non Commitment Changes Quantity | |
Total Committed Costs Unit Price | Total Committed Costs Amount / Total Committed Costs Quantity | |
Uncommitted Costs | Amount of money available to be spent for the budget code. Typically this is the same as original budget amount until amounts are automatically moved into committed cost columns. | Original Budget - Original Commitments - Non Commitment Changes - (Cost Applied of PCO Items with the Use Uncommitted Cost (Pending) cost allocation + Cost Applied of PCO Items with the Use Uncommitted Cost (Approximate) + Cost Applied of PCO Items with the Approved Commitment (specific cases)) + PCO Items Cost Applied of PCO items with the Uncommitted Cost cost allocation Code |
Uncommitted Costs Hours | Original Budget Hours - Original Commitments Hours - Non Commitment Changes Hours - ((Cost impacts) Applied Hours for PCO Items with the Use Uncommitted Cost (Pending) cost allocation + (Cost impacts) Applied Hours for PCO Items with the Use Uncommitted Cost (Approximate) cost allocation + (Cost impacts) Applied Hours for PCO Items with the Approved Commitment (specific cases)) + (Cost impacts) Applied Hours of PCO items with the Uncommitted Cost cost allocation | |
Uncommitted Costs Quantity | Original Budget Quantity - Original Commitments Quantity - Non Commitment Changes Quantity - ((Cost impacts) Applied quantity for PCO items with the Use Uncommitted Cost (Pending) cost allocation + (Cost impacts) Applied quantity for PCO items with the Use Uncommitted Cost (Approximate) cost allocation + (Cost impacts) Applied quantity for PCO items with the Approved Commitment cost allocation (specific cases)) + (Cost impacts) Applied quantity for PCO items with the Uncommitted Cost cost allocation | |
Uncommitted Costs Unit Price | Uncommitted Costs Amount / Uncommitted Costs Quantity |
Column | Description | Calculation |
---|---|---|
Forecast Allocation Type | Method in which the Value Remaining is distributed across the applicable months or periods in cost forecasts. | |
Forecast Cost | Forecast cost for the forecast period. | Projected Costs + Forecast To Complete Depending on the field calculation setting, Uncommitted Costs are included in the Forecast Cost or subtracted from it. |
Forecast Cost Hours | Projected Costs Hours + Forecast To Complete Hours Depending on the field calculation setting, Uncommitted Costs are included in the Forecast Cost or subtracted from it. |
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Forecast Cost Quantity | Projected Costs Quantity + Forecast To Complete Quantity
Depending on the field calculation setting, Uncommitted Costs are included in the Forecast Cost or subtracted from it. |
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Forecast Cost Unit Price | Forecast Cost Amount / Forecast Cost Quantity | |
Forecast Finish Date | End date of the forecast. | |
Forecast Includes Uncommitted Costs | Option to include uncommitted costs in the forecast cost calculations. When the checkbox is selected, uncommitted quantities and amounts are included in the forecast cost calculations. |
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Forecast Start Date | The start date of the forecast. | |
Forecast To Complete Amount | Remaining cost of the forecast. | Editable column in the budget When Forecast To Complete Quantity is modified in the budget, Forecast To Complete Amount is: Forecast To Complete Unit Price * Forecast To Complete Quantity —Or— When Forecast To Complete Unit Price modified is modified in the budget, Forecast To Complete Amount is: Forecast To Complete Unit Price * Forecast To Complete Quantity |
Forecast To Complete Hours | Editable column in the budget | |
Forecast To Complete Quantity | If the Forecast To Complete Type is Lump Sum, this column is read-only and set to 0. —Or— If the Forecast To Complete Type is Line Items, the value is the total of the line items that use the same UOM as the budget item. |
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Forecast To Complete Unit Price | If the Forecast To Complete Type is Lump Sum, this column is read-only and set to 0. —Or— If the Forecast To Complete Type is Line Items, the Forecast To Complete Unit Price is Forecast To Complete Amount / Forecast To Complete Quantity. |
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Forecast To Complete Type | The type (lump sum or line item) for the Forecast To Complete amount. |
Column | Description | Calculation |
---|---|---|
Current Over / Under | Current amount of overrun or savings. | Depending on the field calculation setting: Total Committed Costs - Current Budget —Or— Current Budget - Total Committed Costs |
Current Over / Under Hours | Depending on the field calculation setting: Total Committed Costs Hours - Current Budget Hours —Or— Current Budget Hours - Total Committed Costs Hours |
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Current Over / Under Quantity | Depending on the field calculation setting: Total Committed Costs Quantity - Current Budget Quantity —Or— Current Budget Quantity - Total Committed Costs Quantity |
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Forecast Over / Under | Amount of the cost forecast overrun or savings. | Depending on the field calculation setting: Forecast Cost - Projected Budget —Or— Projected Budget - Forecast Cost |
Forecast Over / Under Hours | Depending on the field calculation setting: Forecast Cost Hours - Projected Budget Hours —Or— Projected Budget Hours - Forecast Cost Hours |
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Forecast Over / Under Quantity | Depending on the field calculation setting: Forecast Cost Quantity - Projected Budget Quantity —Or— Projected Budget Quantity - Forecast Cost Quantity |
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Projected Over / Under | Amount of overrun or savings if all commitments and revisions are approved. | Depending on the field calculation setting: Projected Costs - Projected Budget —Or— Projected Budget - Projected Costs |
Projected Over / Under Hours | Depending on the field calculation setting: Projected Costs Hours - Projected Budget Hours —Or— Projected Budget Hours - Projected Costs Hours |
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Projected Over / Under Quantity | Depending on the field calculation setting: Projected Costs Quantity - Projected Budget Quantity —Or— Projected Budget Quantity - Projected Costs Quantity |
The Budget and Cost Management (BCM) records affect the budget in the following ways:
- Application for payment: The application for payment doesn't affect the budget.
- Budget item: The amount from the Original Budget field is entered in the Original Budget and Uncommitted Costs columns.
- Change order request (COR): The COR doesn't affect the budget, but its linked PCOs do.
- Contract: For committing contracts, the amount for each item in the schedule of values (SOV) is subtracted from the Uncommitted Costs column and added to the Original Commitments column for the assigned budget code. Non-committing contracts, which don't commit costs to the budget, have no effect on the budget.
- Contract invoice: For each item in the contract invoice, the Net Complete Value is added to the Actual Cost To This Period and the Actual Cost To Date columns for the assigned budget code.
- Cost forecast: The cost forecast doesn't affect the budget.
- General invoice: The effect depends on whether the general invoice includes a purchase order.
- If the general invoice includes a purchase order, the cost of the purchase order is not added to the budget because the purchase order is applied to the Original Commitments column when it's created.
- If you overbill a purchase order in a general invoice, the overbilled amount is subtracted from the Uncommitted Costs column and added to the Original Commitments column.
- If the general invoice is not for a purchase order, then the value for each item in the general invoice is subtracted from the Uncommitted Costs column and added to the Non Commitment Changes column for the assigned budget code. The amount of a general invoice is also applied to the Actual Cost To This Period and Actual Cost To Date columns for the budget code.
- Potential change order (PCO): The effect of a PCO item depends on the item's budget and cost allocation.
- Prime contract change order (PCCO): The PCCO doesn't affect the budget.
- Purchase order: For each item in the purchase order, its value is deducted from the Uncommitted Costs column and added to the Original Commitments column for the assigned budget code.
- Subcontract change order (SCO): The effect of an SCO depends on the cost allocation used for its PCO items. The amount for the PCO item is subtracted from the cost column that's specified by the cost allocation and added to the Approved Commitment Changes column for the assigned budget code.
The following table shows the columns in the budget that are affected by transactions from the BCM records.
Approved Revisions
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Approximate Revisions
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Current Budget
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Original Budget
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Pending Revisions
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Projected Budget
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Approved Commitment Changes
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Approved Revisions
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Approximate Commitment
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Non Commitment Changes
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Original Commitments
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Pending Commitment
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Projected Costs
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Total Committed Costs
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Uncommitted Costs
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Current Over / Under
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Projected Over / Under
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Actual Cost This Period
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Actual Cost To This Period
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Actual Cost To Date
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Actual Cost To Complete
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Actual Percent Complete
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Record types
|
Budget item |
Budget
|
sync | check | sync |
Costs
|
sync | check |
Over / Under
|
sync | sync |
Actuals
|
sync | sync | |||||||||||||
Contract | check | sync | sync | sync | sync | sync | sync | ||||||||||||||||||||
Contract invoice | check | check | check | sync | sync | ||||||||||||||||||||||
General invoice | check1 | check2 | sync | sync | sync | sync | check | check | check | sync | sync | ||||||||||||||||
PCO | check | check | sync | check | sync | check | check | check | sync | check | sync | sync | sync | sync | |||||||||||||
Purchase order | check | sync | sync | sync | sync | sync | sync | ||||||||||||||||||||
SCO | check | check | sync | sync | sync | sync | sync | sync |
check: Money is applied to this column
sync: Column is recalculated
You can select which columns are displayed in the budget grid. The first two columns are frozen so that they remain visible as you scroll to the right.
For easier identification, the following column types are color-coded in the budget grid:
- Actuals: Light green
- Budget: Light blue
- Cost: Light yellow
- At the top of the budget, click (Columns).
- In the columns list, select the checkbox for the column.
- Click Apply.
- In the budget, click and drag the column to a different position.
Column dragged to a new position
- In the columns panel, clear the checkbox for the column.
A budget snapshot is a read-only view of the budget at a specific point in time. The snapshot includes every budget column so that you can add columns in the snapshot to view the saved information.
- A snapshot is always created from the current view, even if a saved snapshot is open.
- All budget snapshots are visible to users with the View permission for snapshots, regardless of who created them.
- You can create reports from a budget snapshot.
- In the budget snapshot list, click (Snapshot).
- Enter a name for the snapshot.
- Click Save.
Duplicate names are allowed.
- In the budget snapshot list, click settings (Settings) by the snapshot.
- Edit the name.
- Click Save.
- In the budget snapshot list, click settings (Settings) by the snapshot.
- Click Delete.
- To confirm the deletion, click Delete again.