Allot Budget to Scheduled Work Items

Modified on Mon, 9 Jun at 2:13 AM

The 'Allocate Budget' screen provides a comprehensive view of the project budget and allows the general contractors to distribute allotments from line items to the relevant tasks in the schedule. Once a budget line item is selected, all tasks assigned to the same contractor are displayed, enabling you to choose a task and specify the amount to allocate. With each allocation, the budget is instantly updated to reflect the remaining amount in the line item, giving you real-time visibility into the funds available for future allocations.

Prerequisites:The general contractors should have uploaded the project budget and locked it.
The master schedule has been added to the project, and the line items have been assigned to respective contractors and published.

Note: Budget amounts for work items added through change orders are automatically allocated from their respective approved estimates. This eliminates the need for manual allocation, saving you time and effort while ensuring accurate alignment with the total project budget. You can view them from the 'Allocation Log' screen.

The method for manually distributing funds from a budget line item to different tasks depends on whether the budget is tied to a planned quantity of work:

If a planned quantity of work is specified, the allocation must be distributed based solely on the work quantity for each task, rather than the monetary amount.
If no planned quantity of work is specified, you can allocate funds by specifying the actual dollar amount or assigning a percentage of the total budget to each task.

To allot budget to individual schedule line items

Open the management console of the project
Click the app launcherand select 'Finance.'
Click 'Budget' on top, then select 'Allocate Budget' on the left

The screen shows the project budget with the following columns:

Cost Code - The code representing the work as per the cost code list defined at your company level
Task Name - The label of the work/task item
Budget Quantity - The total amount of work required to be done
Unit of Measure - Units by which the amount of work done is measured
Remaining Quantity - The budgeted quantity of work remaining after allotment to relevant schedule items. This value is dynamically calculated on every fractional allotment of funds from this budget line item to a task item.
Budget Amount - The total amount allotted to the budget line item in US Dollars
Remaining Amount - The budget amount remaining after allotment to relevant schedule items. This value is dynamically calculated on every fractional allotment of funds from this budget line item to a task item.
Contractor - The subcontractor company to which the line item is allotted.

Search and filter options:

Use the 'Search' box located at the top left to find any project using any value from the table as search criteria
Right-click the column header and customize the display and order of the columns as you wish
The options at the top right allow you to filter the entries, and manage personalized and customized views of the table. Use the links below to learn more about these:

View Groups and Subtotals

You can get totals and subtotals of numerical data for any selected set of records by grouping and applying nested grouping. Use the icon at the top right to organize the data by column headers.
The system automatically aggregates relevant numerical values, giving a structured breakdown and a clear view of the grand total distribution. See Group and Organize Items in a List View for more details

Download as Excel Sheet

Click the button at the top right to save a local copy of the list in Excel format for sharing and record-keeping. See Download List Views and Logs in Excel Format for more details.

Select a line item to distribute funds from it to a task item by clicking the serial number

All published schedule items from the master schedule that are assigned to the same contractor as the budget line item appear in the lower pane.

Enter the fund to be allocated to a task. The amount can be entered in three ways:

1. Work Quantity

If a planned work quantity is specified for the line item - Specify the fraction of the planned work quantity.

Note: Monetary values cannot be entered directly when a work quantity is specified in the budget line item

Double-click inside the 'Allocation Quantity' column in the row of the schedule item.
Enter the portion of work from the 'Budget Quantity' of the budget line item.
The budget amount gets auto-calculated for the task.

If the planned work quantity is not specified for the line item - Enter the monetary value directly of the percentage share from the total amount of the budget line to allot to that schedule item.

2. Actual Amount

Double-click inside the 'Allocation Amount' column in the row of the schedule item.
Enter the numerical value of the money to be allotted to the task from the 'Budget Amount' of the budget line item in dollars.

3. Percentage of the total amount of the budget line item

Double-click inside the 'Allocation Amount' column in the row of the schedule item.
Enter the percentage value, followed by the percentage symbol, of the 'Budget Amount' of the budget line item to allot to the task. For example, "60%"
The budget amount gets auto-calculated for the task.

Repeat the process to allot budget amounts from the same budget line item to more scheduled items.
Click 'Link' on the top-right

The budget amount gets allocated for the task. The remaining 'Quantity' and the 'Remaining Amount' in the budget table get auto-updated for the allotted amount.

Repeat the process to allot budget amounts from other budget line items to their respective schedule items.

You can revise the allotments anytime by delinking the budget allotment from any task. See Edit Budget Allocations for more details.