Cost Management

Budget Tool

• Budget/Revenue Forecast — Building upon the Date Range Based Forecasting functionality, members can now use the same calculations and forecast adjustments to forecast budget/revenue as well as cost. This is typically used in GMP/Cost Plus/Reimbursable/T&M projects. The functionality includes the following workflow components:

  • New setting to turn on new columns (can also be turned on manually in column visibility settings). To learn more, see Budget Forecast.

    

  • New standard system columns in the overview mode. See Budget and Contract Tables to learn more details.

    • Billed to Date: Populated by Approved Budget Payment Applications or via API direct input.
    • Budget Forecast Adjustments, Forecast Budget to Complete, and Forecast Final Budget columns.
    • Final Main Contract Amount: Populated by a new setting in the budget flyout which is to facilitate a future feature to forecast revised contract amounts.

  • New standard system columns in edit mode used to calculate budget.

    • Original Budget Unit Cost is renamed from the previous Unit Cost column.
    • Original Cost Unit Cost: New optional column to set a cost side budget, if required, which will be reflected in the Orig. Commitment column.

    The terminology of new columns is customizable in the Settings tool. Choose the General tab and scroll down to Additional terms. This naming is also used in date range forecast settings.

    

  • You can now add budget and/or cost forecast adjustments with a new bottom flyout for viewing and processing. See Create Forecast Adjustments to learn more.

  • You can now generate a Potential Change Order (PCO) or Budget Transfer directly from a forecast adjustment. The adjustment is retained but the qty is reset to zero to avoid double counting, and all activity is logged in the new forecast adjustment flyout for audit tracking.

  • The new side forecast adjustment flyout also contains a new notes field for documenting reasons for adjustments.

    

• Date Range Resources Enhancements:

  • Connection to Cash flow – Date range resources can be added in either the budget or cash flow view and will be visible in both places.

  • Billing & Actual Cost Frequency – A new setting in the Budget section of Cost Management Settings allows project administrators to configure the billing and actual cost frequency and set so that Qty Elapsed updates on the same schedule. See Date Range Based Resources and Date Range Based Forecasting to learn more.

    • Administrators can also define an offset to apply to account for the time it takes for the actual cost data to be collated and integrated from the ERP.

    • This setting cannot be changed once any date range-based resource has been distributed in cash flow.

      

  See the video below to learn how you can use the budget forecast and date range resource forecasting functionalities in your workflow:

Settings

• Document Generation Variable Addition – New variables are available for the Deductions column of Change Order Summary section in payment applications. Visit Payment Application Variables to see examples.

  • approvedChangeOrderAdditionsInPreviousPeriod
  • approvedChangeOrderDeductionsInPreviousPeriod
  • approvedChangeOrderAdditionsThisPeriod
  • approvedChangeOrderDeductionsThisPeriod
  • totalApprovedChangeOrderAdditions
  • totalApprovedChangeOrderDeductions