Project Budgets/EACs

Use the Projects Budgets / EACs screen to create/modify a budget or EAC for a project.

You can create multiple versions of a budget and assign a version code to each version you create. When multiple versions of a budget/EAC exist, you must mark one version as final.

Versions you mark as final will be used in reports and integrated with organization budgets.

For existing projects, you can open the application and then automatically query for the project.

You can also modify an approved version of a budget/EAC without deleting versions created after that version. You can modify an approved budget/EAC by clearing the Approved check box and saving the record. The record you modified will have a Status of Complete and a new version of that budget/EAC with a status of Working will be created.

This screen also allows you to create a new version of an approved budget based on a version created prior to the latest one. You can now select any budget/EAC version and click Create Bud or Create EAC to create a new version of that budget/EAC.

Depending on security configuration in Configuration Settings, for example, whether it is based on projects or Org ID, you may have read-only access to the projects that display.

The project budget tool provides an iterative automated process with methods a project manager can use to estimate the burdened costs of work to be done for a customer. The tool emulates an Excel workbook with tabs for the various burden cost pool categories of staff and vendor specified resources that are to be consumed during project execution.

Project ID

Enter, or click , to select the project ID. The Project Name displays.

Include Expired Projects

Select this check box to include expired projects.

Show Budget/EAC Only

Select this check box to display only projects that have an existing budget or EAC.

After you select the Project ID and Project Name, click to populate the Project Budgets Status Details table.

Create BUD

Select this button to create a budget for a project. After you click this button the subtasks displays. You can verify employee availability, labor rates, staff escalation, materials,  indirect rates and other project information automatically.

There is no initialization done for Project Budget since live information is used and no need to freeze information. The rate for the employee is based on the first period of the budget and then escalated throughout the remaining part of the budget.

Create EAC

Select this button to create an EAC for a project. The system clones the selected budget and populate prior periods with actuals. It leaves the future periods with the budgeted amounts.

You must have at least one approved version of a budget before you can create an EAC and you need to replace any generic staff in the budget before you can create an EAC.

When you create EACs, it automatically displays historical costs by Period of Performance and individual resource, Input hours or costs in future periods by component.

Modify

Select this button to modify and manage the budget development process for a direct project. You can check the status of all budgets at lower levels of Work Breakdown Structure (WBS), such as Working, Completed, Approved, as well as other versions.

Commit

Select this button to commit the process after it has been completed. This option is enabled when the project has a Working status.

Delete

Select this button to delete the process.

Hide

Click this button to hide project budget/EAC versions that have the Hide Bud/EAC check box selected.

This button displays only if the Enable Project “Hide Bud/EAC” is selected on the Configuration Settings screen.  

Unhide

Click this button to display hidden project budget/EAC versions.

This button displays only if the Enable Project “Hide Bud/EAC” is selected on the Configuration Settings screen.

Project Budgets/EAC Detail Tables

The table below describes the columns that display for the Project Budgets Status Details table.

Column Headings

Description

Hide Bud/EAC

Select this check box if you want to hide the project budget/EAC version. The check box is only enabled for approved budget/EAC versions that are not marked as final.

This column displays only if the Enable Project "Hide Bud/EAC" check box is selected on the Configuration Settings screen.

Project ID

This non-editable field displays the Project ID numbers that the user is allowed to see based on the user’s security org ID.

Type

This column displays the type of budget whether it is BUD or EAC.

Version

If more than one budget exists, this non-editable field displays the version number of each.

Version Code

Enter, or click , to select a code you want to assign to the current version. The Lookup displays version codes entered on the Manage Budget Version Codes screen.

If the budget is imported from Excel, the version code defaults to N/A.

Final Version

Select this check box to mark the version as final. For each budgeted level, you must mark one version with a Status of Complete as final. If no version is marked as final, an error message displays and the record cannot be saved.

Versions marked as final are included in reports. They are also integrated with an organization budget if your company uses the integrated method to calculate Org revenue.

The integrated method is in effect when Org Budget Revenue Calculation in Configuration Settings is not selected as Org Revenue Calculation. Contact your System Administrator for questions regarding this setting, which is configured during initial system setup and should not be changed.

Status

This column displays the status of all budgets at lower levels of Work Breakdown Structure (WBS).

  • Incomplete: Budget or EAC was created and saved but user has not yet selected Complete or Approved.

  • Complete: The budget was created, changes were saved, user clicked Complete check box, and then clicked Commit.

  • Approved: The user selected the Approved check box and clicked Commit.

  • Working: The user cleared the Approved check box and clicked Modify.

A red working status indicates you are the owner and can modify it. A yellow working status indicates that you, as a logged in user, are not the owner of the budget and cannot modify it.

Closed Period

This column displays the date for the closed period.

Complete

This field indicates whether or not the budget is complete.

When Complete is checked, it lets project budget approvers know the creator of the budget has completed the budget development process.

Approved

This field indicates whether or not the budget is approved.

Enable Subtask Row Hide

Select this check box if you want to hide the project budget/EAC rows in data entry subtasks. This check box is only enabled for budget/EAC versions that have a Working status.

Escalation

If an escalation was applied to the budget, this field displays the escalation percentage.

Start Date

This field displays the start date of the budget.

End Date

This field displays the end date of the budget. Click to modify the end date.

Periods

This field displays the number of periods assigned to the budget.

Cost Type

This column displays the type of cost.

Project Type

This column displays the type of project.

Burden Template

The Burden Template column is only enabled for budgets that have a status of Working.

Click  to select the Burden Template that you want to use to calculate burden for this Budget/EAC. Burden templates are created and managed from Planning » Project Budgeting » Controls and Utilities » Manage Burden Templates.

Currently, the Burden Template is set to DEFAULT which means it is using the Current FY Pool Configuration.

Level Details

This column displays the level details of the project.

Contract Rev

This is the revenue amount uploaded from Costpoint for that project and represents the amount of revenue agreed to in the contract for that level of the project. This field is display-only and cannot be edited.

Funded Rev

This is the amount of revenue uploaded from Costpoint for that project level. The value in this field is the same as the actual funded amount in the budget for that project level. This is a display-only field and cannot be edited.

The funded revenue amount may differ from the contract revenue, because the contract could be funded at different stages.

Distributed Rev

Use this column to enter or modify the amount of revenue that will be distributed from the funded level of the project to the lower level.

Amounts entered for budgets or EACs at lower levels of the project are automatically summed and rolled up to the top level. During rollup, if EACs and budgets are both present, the EAC always takes precedence and is rolled up instead of the budget. This is true even if the budget is more recent than the EAC. After Costpoint Planning determines which one to use, the amount is rolled up regardless of whether the budget/EAC status is Incomplete, Complete, Approved, or Working.

For more information see Distributed and Budgeted Revenue

Budget Rev

Use this column to view the revenue entered in the budget for each project level.

Amounts entered for budgets or EACs at lower levels of the project are automatically summed and rolled up to the top level. During rollup, if EACs and budgets are both present, the EAC always takes precedence and is rolled up instead of the budget. This is true even if the budget is more recent than the EAC. After Costpoint Planning determines which one to use, the amount is rolled up regardless of whether the budget/EAC status is Incomplete, Complete, Approved, or Working.

For more information see Distributed and Budgeted Revenue

CTM Contract ID

This field displays in Form view only. If the project is linked to a contract in Contract Management, this field displays the contract ID. Depending on user rights, click the hyperlinked ID number to edit the contract or view the contract (read-only).

CTM Contract Name

This field displays in Form view only and shows the name the of the contract from Contract Management.

Legend

If the cells are highlighted in red or pink, that means the amount or aggregate sum has exceeded a rule or tolerance level. The amount is highlighted in Red if it is editable and it displays in Pink on fields that are not editable. For more information see Distributed and Budgeted Revenue.

Subtasks

After you click Create Bud, the subtasks displays. Click the Staff Escalation, Materials, Subcontractor, Material Handling, Travel, Consultant, Other Direct Costs, Subcontractor, Consultant Hours, Service Centers, Revenue Setup/Ceiling, Burdened Cost, Funding and Project Labor Category subtasks links to display the lower level details of information.

Related Procedures

Create EACs Based on Current Period

Create a Budget from EAC