The Budget

An Overview of a Budget

The Budget is an interactive document that lists line items and the values associated. All values are updated automatically as you create or update Contracts, Variations, Claims and Payments.

Plus/Minus  +/- Click the + and at the start of each line to expand or collapse a budget section as required.
Item ID The ID is automatically assigned by ProjectCentre. The ID is a hyperlink to the Budget History for this line item. The Budget History displays the details of the Contract, Variations, Claims, and Payments on this line item.

If a line item represents another budget (created by inserting a portfolio), the linked budget will open in a separate window. From that budget you may click the any ID to drill down to the budget history.
Item The line item title. Line Items which are a total of sub-items are shown as Section Headings . A Section Header may be summarised in one line by clicking the - button in the ID field. To expand to see each sub-item, click the + . When Sections are displayed in the expanded format, each section will be summarised with a TOTAL line automatically calculating the figures for the section.
Code The optional reference code entered for this line item. This is often a code to cross reference to an external accounting system.
Estimate (Budget) Original Budget: The amount entered when you created the Budget.
Proposed Adjustments: This represents the sum of any OPEN Budget Variations or Budget Transfers, which have not yet been approved.
Approved Adjustments: This represents the sum of APPROVED Budget Variations or Budget Transfers.
Approved Budget: The sum of the Original Budget and Approved Adjustments columns representing the current budget.
Commitments
(Contract)
Contract Amount: This represents the amount of an Issued Contract created for this line item.
Approved Variation: This represents the total of Approved Contract Variations.
Committed To Date: This is a sum of the Contract Amount and the Approved Variations.
Variations Pending: This represents a total of Contract Variations awaiting approval.
Uncommitted Works: This represents an amount listed on the Forecast.
Forecast Cost To Complete: The sum of the Committed To Date, Variations Pending, and Uncommitted Works.
Actual(Claim) Variance To Estimate: This is figured by subtracting the Forecast Cost to Complete from the Approved Budget. It represents over/under budget amount.
%Complete: This amount is calculated by dividing the Paid to Date by the Committed to Date. This is a percentage of how much has been spent so far.
Pending Claims: This amount is Approved claims awaiting payment.
Paid to Date: The amount of Paid Claims.
Status This shows the status of the Contract linked to this line item.

Options

The following options are available for Budget Documents (depending on the Status).

Option
Edit Re-opens the Budget for editing details, values, adding/removing items etc. You can only edit a budget it has not been Issued.
Issue Issue the budget to the Action persons, changing the Status from "Draft" to "Open".
QuickCancel Cancel this document.
Respond Add a comment to the budget or edit values (if the status is Open).
Split Create a new related document.
Associate Associate a document to the budget.
Print Print a copy of the budget.
Excel Export a copy of the budget to an Excel spreadsheet.
Item ID Hyperlink Opens a Budget History for the line item. If the line item represents a portfolio budget (created by the insert portfolio), the linked budget will open.

Accessing Budget History

A line item's Budget History is accessed from the Budget by clicking on the Item ID hyperlink.

The Budget History provides an overview of all activities related to this Line Item.  It displays the Contract, Variations, Claim, and Payments.