The Project Budget Process
This topic covers the functionality of the control screens in Costpoint Advanced Project Budgeting and provides a step-by-step review of the project budget process within Costpoint.
You can learn about the processes necessary to create project budgets and the related forecasts, reports, and inquiries used for project analysis. This topic focuses on establishing a project budget for different types of project budgets. Each screen and subtask is described in the documentation for Costpoint Advanced Project Budgeting.
Related Topics:
Types of Project Budgets Available for Each Project
There are two types of project budgets available for each project: a baseline budget and a workplan budget.
Enter detail project information in the six budget subtasks (Estimate to Complete, Indirect, Fee, Units, Labor, and Direct) of the Manage Project Budgets and ETC screen.
Beginning with the Configure Project Budget Settings screen, select the settings for all of your company's budgets.
How to Enable Budgets Revisions
To enable workplan budget revisions to create various project budget scenarios, you must select the Allow Workplan Budgets check box on the Configure Project Budget Settings screen.
How to apply Indirect Costs and Overhead
Enable the Indirect subtask of the Manage Project Budgets and ETC screen if your reporting requirements for United States government contracts include reporting your pool rates and indirect budgeted costs as well as your cost of money rates and amounts by organization, pool number, and fiscal year.
To enter hourly labor budgets using an average cost by PLC or GLC, create tables to maintain the PLC and GLCs. Create unit or material budgets using the Contract Line Item Numbers (CLINs) that are established and maintained in the Unit Pricing Information menu of Costpoint Project Setup, and/or the Price Catalog tables established and maintained in Costpoint Product Definition.
When using a multiplier to calculate profit in your project budget subtasks (Direct, Labor, or Units), do NOT use the Fee subtask; use the Info tab.
How to Freeze Your Project Baseline Budget
You can freeze your project baseline budget by selecting the Freeze Baseline Budget check box on the Info tab of the Manage Project Budgets and ETC screen.
To budget by period, select the Budget by Period check box on the Info tab of the Manage Project Budgets and ETC screen.
Project Budget Reports Inquiries Menu
You can use the Project Budget Reports/Inquiries menu to print the following:
The Create PSR Budget Report Tables Screen
When your budget is complete, execute the Create PSR Budget Report Tables screen to populate the Project Status Report (PSR) tables (PSR_BUD_PDXX, where XX is the fiscal period updated).
The Update Project Status Report Table Process
To compare your actual costs and budget data by subperiod, period-to-date, year-to-date, interim-to-date, and your total budgeted amount, run the Update Project Status Report Table process to bring your actual and budget data together.
The Print Project Labor Summary Report Screen
The Print Project Labor Summary Report screen provides for detailed analysis by labor category (PLC and/or GLC).
The Print Revenue Worksheet Screen
The Print Revenue Worksheet screen retrieves the budgeted cost of money, budgeted revenue, and budget costs from Costpoint Advanced Project Budgeting for revenue analysis with your incurred project costs and revenue. You can capture this by subperiod, period-to-date, year-to-date, and contract to date.