Quick Summary
The Budget Worksheet provides one location for Project Managers to more easily manage and track their cost commitments, predict budget by using the forecasting tool, and make budget adjustments easily.
Items included in Update:
New projects will move directly from Pending status to In Progress
Construction budget takes place on the enhanced Budget Worksheet in the Unlocked status
Locking the Budget converts the project to enable the full In Progress features like Change Orders and Billing
Locked budget will convert the Bid Amount to Owner Amount and will include owner change order amounts.
View Item Details will display all owner amounts by code ·
Awarding Subcontractors process is done from Budget Worksheet with additional Subcontractor Management features
Internal Change Order process relocated from Change Order module to Budget Worksheet where enhanced Adjustment Log records transactions/metadata will be kept including mark-up allocation
Enhanced filtering from Budget Worksheet and Adjustment Log
Additional columns to view how Budget has changed since Bidding Estimate
Forecast capability allows Sandbox for future changes without committing them
Moving Project Forward
Any Project moved forward from Pending status will move directly to In Progress status.
User will be asked to confirm project total or Return to Bidding if incorrect
If there is a signed Owner Contract in Pending, they will be warned and provided instructions on how they can proceed to update project totals
GC signature can be removed from an Owner Contract in Administation>Unlock/Unsign>Owner A/B Contracts
The Owner can provide written permission to the Client Support team to remove any owner signatures if Owner Contract is fully executed.
Markup Tool
If the user has included any Labor Burden or Sales Tax mark-ups in the Bidding status, they will encounter the Mark-up Tool when they move to In Progress. If you did not include these items in the Bidding status, choose "Skip" you will be taken on to the Budget Worksheet. Boxes will be checked by default when tool opens
Click Save to keep the markups with the Cost Codes (as they were in Bidding)
Click Skip to move all of the mark up amounts to the overhead General Costs code
Or select which codes you want to keep markups with and click Save
There will be a confirmation for each decision
The decisions made here will be recorded in the Adjustment Log for future reference
Sales tax on all cost codes can now be managed on any cost code type (.L, .M, .O, .OH, .EQ)
Confirmation messages after confirming both Sales Tax and Labor Burden each provide you with a chance to Cancel and go back to the previous screen to make changes.
Budget Worksheet - UNLOCKED
The budget worksheet will open in the Unlocked state. You can reallocate costs between cost codes, add additional cost items, write Subcontracts and Purchase Orders from this screen.
In the first column you will see the original Bid Amount from the Bidding Estimate worksheet. (This will include any mark-ups that were included with the cost code on Estimate for consistency)
The Budgeted column will be an open a cell where you can edit values and set up the construction budget with how you intend to spend funds. These changes will be captured in the Adjustment Log
If you moved Labor Burden or Sales Tax with the Markup Tool in previous screens, you will see those funds have moved out of the line items and into 01-998.OH General Costs code at the bottom of the worksheet. This is the same code that holds any General Liability mark-up from the Bidding Estimate
Click Add Cost Items to search and add multiple cost items to project with or without funds.
Cost Item Menu
Hover over the Cost Code on left to reveal the icon to display Cost Item Menu. Items on the menu will be determined by Cost Code category and Project Status.
*NOTE: Only .S codes will have Subcontractor Management and Terminate Subcontract (negative Sub CO) which will only be available when the Budget is Locked and Change Order module is opened.
Subcontractor Management
To work on Subcontracts, filter the Budget Worksheet to display only .S codes. Click on Subcontractor Management, which has been enhanced to provide more insight into a Subs qualifications and commitments on other GC projects.
*New features include:
Ability to award multiple cost items at once
Display of detailed information from Contacts to improve award decisions
Displays subcontractors current projects, award totals and end dates for other projects they are working on for you
Will display if a sub has been Terminated on another active project
Some other Sub related tasks have been relocated to the Budget Worksheet>Cost Item Menu.
Sub Contract Menu Explained
Duplicate Cost Code
Reassign Project Contact
Terminate Subcontractor (Only available after Budget Lock)
When you select to Terminate a Subcontractor, the form has been enhanced. In addition to the approved Billed column, it will now display Pending Bills. These are bills submitted but not yet approved by the Project Manager. This item was added to provide the Project Manager with better view for deciding work complete and Termination amounts.
The Termination Amount cell will ALWAYS default to a negative value when you click clicks out of the box. This was introduced to eliminate mistakes where a deduct was intended .
You will now be asked to SIGN the negative Termination change order at this step. This will complete the process of signing/sending the termination (deductive change order) to the Subcontractor, instead of making this another step in the process.
Re-awarding Terminated Contract Amounts
Once a contract is Terminated, the remaining Award Amount becomes editable to be awarded again in the Current column. Clicking here will either open the Budget Adjustment display or the Adjust Award Amount version if there are existing change orders. If there was a partial Termination, it will display the amount that has been left with the Terminated Subcontractor so the Project Manager can decide how much to award to new subcontractor.
If there are Change Orders, this version will appear with the details so the Award amount can be adjusted.
*Note, in the below example the $10,000 amount that was terminated can be increased or decreased but the user will not be permitted to remove more than -$10,000 from here. Any adjustments beyond that will be made from Change Orders.
View Item Details
This will display Owner information including Bidding Mark-ups, original Estimate total and any Owner Change Orders. Hover over the Estimate total to see break down. Click change order hyperlink to go directly to the Change Order page.
View Adjustments
This opens the Adjustment Log filtered to display transactions for that cost item only.
Adjustment Log
Replaces Internal Change Orders log list with enhanced, searchable record of transactions
Search by cost item in Adjustment Log or directly from Budget Worksheet>Cost Item Menu (blue arrow on hover)> View Adjustments
Includes transactions not previously tracked
Includes decisions on Sales Tax and Labor Burden mark-ups (with item values)
Includes information on Owner and Subcontractor Change Orders
Hover over the Cost Item and click blue arrow to expand the Reason section for each.
Budget Worksheet – LOCKED
Locking the Budget Worksheet will send the Budget Report to the Accountant and open up access to all the In Progress modules including Change Orders, Subcontractor Billing and Owner Billing.
Once the Budget is locked, the Worksheet will update with the following changes:
The Bid Amount column header will change to say Owner Amount and will begin to include any owner contributions to cost items from Approve OCOs. This is the only column that will show Owner Values on the worksheet.
The Budgeted column will lock down and can no longer be edited
The Changes column will appear
The Current column will become editable via blue hyperlink. Click to open the Budget Adjustments window and move funds in an out of cost items. All the actions that used to occur in Internal Change Orders have been moved here.
The Potential COs column will appear
The Forecast Toggle will appear; ON state will activate editable Forecast column.
The Red Column is the only place the owner amounts appear on the worksheet
The Green Columns contain information about what is IN the Cost Items
The Blue columns (+ Forecast, when expanded) show what is in the cost code (Current) plus any predictions of how that could change with unapproved Change Orders, PCOs and Forecast amounts. The Projected and Over/Under will include these items.
Explanation of Columns
Owner Amount = Original Estimate + Approved Owner Change Order Amounts
This is the only column that will show Owner Values on the Budget Worksheet. It is included so the PM can tell, at a glance, the difference between what the owner paid and how much is in the cost code or still to be committed.
Budgeted = the amount in the cost code when the user locked the Budget.
This column can include changes made with the Markup Tool, or Buyout done from the Buyout tab in Bidding, or any edits made when user sets up the construction budget in the Unlocked state. Once the budget it locked these values will not change.
Changes = Budget Adjustments + Approved Sub COs
Will include any Budget Adjustments done manually to move funds or automatically made by the over budget item adjustments (Example: when Purchases exceed the amount currently in the cost item funds will be pulled from Profit). Any Nested Sub Change Order from OCO or Subcontractor only Change Orders that adjusts Sub Price (amount in the cost item) will show in Changes when Approved. This displays the same values as the Budget Report.
Current = Budgeted + Changes
The amount that is currently in the cost item, it will be the same total as last column of Budget Report.
Actuals = Committed Costs
This includes Approved Timecards, Purchase Orders, Field Purchases Orders, Expenses and Subcontractor Award Amounts +/- Change Orders.
Potential COs = Sub Price values from PCOs that have been Posted on Site and Unapproved Sub COs (nested or sub only). Nested SCOs values will show here until OCO is Approved.
Forecast = Turning the Forecast toggle ON expands to show editable column. Enter positive or negative values to be included in Projected amounts and Over/Under. Values will disappear when the Forecast toggle is turned OFF, but values will be held in the background. Forecast is just a ‘what if’ or sandbox feature that does not move any funds. If user wants to commit changes they will need to do with Budget Adjustments or Change Orders. An extra line appears on the bottom with the summary lines to display how Forecast changes would affect totals.
Projected = Sum of Current + Potential COs + Forecast columns.
This cell will only display the sum of Current and PCOs columns when Forecast toggle is OFF. It will update to include Forecast values when toggle is switched ON. There is a Projected Summary line at the bottom of the worksheet for projected totals.
Change Orders
When an Owner Change Order is signed by the Owner (or GC clicks Approve or Imports CO), the amount from the Owner Price cell will be added to the Owner Amount. This column will include the Original Bid amount +/- Owner Price cell from Change Orders.
(To see the Original Bid value from the Estimate and the Owner Prices from Change Orders, open View Item Details for the Cost Item.)
The amount in the Sub Price cell of the Change Order will be added to (or removed from) the Current column. This will happen even if a nested Sub Change order is not yet signed. This process will also add value to the cost code on the Budget Report and Cost Item Change Order Log. The Sub Price will remain in the cost code (Current column) unless it is removed or changed from the nested SCO.
REMINDER!: If the Sub Price cell is $0.00 in an Owner Change Order, the funds will not be kept in the cost code (and will not show up in the Current column on Budget Worksheet or Budget Report). If the Sub Price cell is set to $0.00, the funds from the Owner Price cell are moved to Profit.
Owner Change Orders that have not been Approved by the Owner will display the Sub Price in the Potential COs Column. When approved, funds will move to the Changes Column.
Subcontractor only Change Orders (SCOs) are pulled from Profit, since there is no Owner amount.
Summary Lines
The total summary lines at the bottom of the report are an enhanced version of the information from the Budget Report. The running Cost Item Total, Overhead, Profit and the Owners Contract total are displayed.
Original Budget will show the totals as they were when the project began
Current Budget will start with Budgeted totals and continue to update according to the Current column as the project progresses
Projected Budget will include the start with Current values and add Potential COs and Forecast values if they are activated.
The Forecast Budget summary row will also appear if toggle is turned on
Budget Report
The Budget Report has been updated to match columns and values to Budget Worksheet.
The Bid Amount has been updated to include the markup values from bidding and will continue to update with Owner Change Orders
Adding the Owner values to compare against Current provides the Project Manager with quick at-a-glance comparison
Clients who wish to view the Original Bid amounts can still see them on the Budget Worksheet>Cost Item Details drill down Estimate line, or reference any of the bidding reports found under Reports>Bidding
