How To : Manage Budgets

Budgets play an important role in Jobs as they are being used for:

Quoting | the cost of the job. An quote can be made in different levels of detail:
- General, for example an amount for all resources or all items.
- Group, for example an amount for a particular resource group.
- Number, for example an amount for a named resource.
Tracking | tracking actuals against that estimate. Once a budget is created it is possible to compare the actuals against that budget.
Comparing | budget versions and forecasts. Different versions of budgets can be created based on progressive insights. Forecast can be used to estimate the future development of the project.

Budgets provide the following functions:

Breakdown | breaks down estimates at group level into specific resources or items.
Apply Surcharges | adds percentage based costs to the budget based on a surcharge model.
Calculate Forecast | determines an Estimate to Completion based on either budgeted costs or actuals.
Copy to Planning | Copy budget lines for specific resources or items to either item planning lines or resource planning line.

Create a new Budget

To create a new version of the budget

From the Advanced Job List, or - Card, click Budgets in the ribbon to open the Job Budgets page.
Click "Create New" in the ribbon to open the "Create Job Budget" wizard.
Optionally type a new description in "Describe your budget"
To "Activate the budget when I click Finish" check this field, this means the new budget will be Active one, the default is on.
Optionally check the next option "This budget is used for forecasting".
Click Finish to complete the wizard

Notes:

A Budget is created automatically. The system starts with 001, followed by 002 and so on. The active budget is shown on the Planning & Budgeting ribbon.
You can record a Job Cost Type for each resource and item. You can also enter defaults for the Job Cost Type in the Jobs Setup.
Open the list with budgets to create a new one: Related Information > View > Budgets. Call the wizard via Actions > Functions > Create New.
You can enter the Surcharge Model on the ribbon Planning & Budgeting on the Job Card or the Job Task Card. Call Actions > Functions > Apply Surcharge Model to apply the model.