View Budget Updates

The 'Change Order' screen within the budget module displays all approved project change orders that have been incorporated into the budget. The grand total of the project budget is appended with the costs of the included change orders and the total amount is used as the baseline to calculate various financial metrics and parameters and the key performance indices of the project. These values are shown in the budget dashboard.  

To view the change orders that impacted the budget

• Open the budget module, if it is not already opened. To do so:
  • Click the app launcher,  then select 'Finance.'
  • Click 'Budget' on the top.
• Click 'Change Order' on the left.

The list of change orders appended to the project budget is shown:

If a change order requires work from more than one contractor type, the work assigned to each contractor is shown as an individual line item with their approved estimates. 

• Cost Code - The code representing the division/category of change work
• Name - The label of the change order
• Quantity - The numeric value of the amount of work required to be done
• Quantity Unit - Units by which the amount of work done is measured
• Effort Hours - The total working time required for completion of the work, in manhours
• Type of Calculation- How the budget amount for this line item is calculated. It is 'Automatic' by default, as the cost values are fetched from the individual estimates submitted by the contractors to whom the work is assigned.
• Total Budget Amount - The total cost of the change order, considered for the budget update.
• Labor - The monetary value of the cost allotted for the wages
• Equipment - The monetary value of the cost allocated for the use of equipment and machinery for the work
• Subcontractor - Expenses related to external subcontracts, if any. 
• Material - The monetary value of the cost allotted for the materials used for the work
• Others - Miscellaneous expenses like transportation, material handling, fees paid to various vendors, agencies, and more.
• Overhead - Operation costs that the company bears.
• Profit - The profit gained by the contractors to whom the work is assigned. 
• Assigned To - The subcontractor company to which the line item is allotted.