Budgeting Concepts

You can:

• Specify the fixed price of a job in the Contract tab. This is done either as a fixed price budget or a quote, depending on the job setup.
• Work with working budgets and baseline budgets for T&M and fixed price jobs. The fields shown in the cards and the tables adapt to the invoicing method (for example, information about cost and sales prices).
• On fixed price jobs, track budgeted costs and gross margins included or excluded from a fixed price job budget separately.
• On lines included in fixed price, view only the relevant budget fields. The billing price and gross margin fields are automatically hidden.
• Easily view amounts in the relevant currency. The amounts are shown in base currency, but if the currency on the job is different from the base, overall currency amounts are shown dynamically.
• Work with jobs where budget matrix (Detailed Time Budget) is enabled.
• Review and approve budgets.
• View revision history to trace all changes on the budget.
• Filter and view selected job budgets in the list view.

The layout of the workspace dynamically adapts to the configuration of your job, based on the job parameter setup done in the Workspace Client.

The Baseline tab displays only if you enable the Baseline Comparison attribute in the Planning job parameter.

The Contract tab displays the fixed price budget type, as defined by the Fixed Price Budget Type attribute, if you:

• In the Pricing Principle job parameter, set the value of the Invoicing Method attribute to Fixed Price; OR
• For T&M jobs with a cap, in the Revenue Recognition job parameter, set the value of the Handling of Overruns attribute to Yes; OR
• For T&M jobs with a cap, in the Revenue Recognition job parameter, set the value of the Recognize Revenue by Completion Percentage attribute to Yes; AND
• In the Pricing Principle job parameter, set the value of the Fixed Price Basis attribute to Budget.

The Contract tab displays the quote if you set the value of the Fixed Price Basis attribute to Quote.

For fixed price projects, the fixed price, as determined in the Contract tab, appears in the budget cards with gross margin calculations, based on the cost in the budget and the fixed price from the contact tab. Additionally, all billing price information is automatically hidden in the card and table, unless you choose to add a budget line for an item that is excluded from the fixed price budget.

For time & material jobs, gross margin calculations are based on the cost and sales on the lines in the budget.

The amounts in the card part are shown in base currency, but if the currency on the job is different from the base, overall currency amounts are shown dynamically.

This workspace is listed under the Jobs section of the iAccess menu.