The Cost tab of each project is a great place to see every supplier and labour cost associated with that project. This is provided in a ledger style layout. The costs are synced with your integrated Xero account, and clicking on any supplier cost description will take you to that same item in Xero.
Included in this guide:
Supplier Costs and Labour Time
The fields available on the Cost tab are almost identical in both Supplier Costs and Labour Time sections. Exceptions noted below.
Invoiced? | View and edit the invoiced status.
Note: If project is Cost Plus, this is automated via the client approval process. |
Task | Name of the task associated with the cost only if Cost Matching was used.
Note: When a cost contains work order breakdowns or is split allocated, you will see a button here to view additional details. Ex. "Click to Open Order Breakdown"
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Type | Each cost belongs to one of four categories:
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Cost Centre | Cost centre associated with that particular cost
Tip: If using receipt-handling software like Dext or Hubdoc, this information can be carried through as part of the Xero sync process. |
Date | Date of the invoice |
Details | Click the link to be taken to the same cost item in your Xero account |
Builder Margin (B/M) On/Off | Toggle on/off any percentage margin agreed upon in the contract.
This will turn on/off the application of costs throughout PX360 budgets and reports.
Note: When the Provisional Sum Adjustment Toggle is set to YES in an Approved Variation/Provisional Sum Adjustment Template, the margin amount will be applied to the project budget based on the costs + the percentage of the Provisional Sum Margin set for that project.
As a reminder, the Provisional Sum Margin (%) is configured when creating the project. |
Xero Attachments | A link to view any Xero attachments associated with the cost |
Cost | Supplier Costs - The cost amount in dollars, excluding any percentage margin or Goods and Services Tax (GST)
Labour Time Costs - User Cost Per Hour multiplied by "Approved" hours. Edit in User Management Settings. |
Hours Labour Time costs only
| Hours a team member has worked on a cost-related task. Hours can be edited on Timesheets in the Resourcing tab. |
Price Cost Plus projects only | Supplier Costs - Inclusive of project margin agreed upon in contract (added during Project Creation. Excludes Goods and Services Tax (GST).
Labour Time Costs - Rate multiplied by "Approved" hours in Resourcing on the left side menu. Can edit the rate in Project Staff during Project Creation.
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Match | Associate Tasks to Costs to track spend and project progress.
If green, cost is unmatched. Click to match. If orange, cost is matched. Click to view or edit match. |
Cost Matching
PX360's budget tracking operates based on Cost Matching. Matching costs allows you to track your spend, monitor the project's progress in real-time, and facilitate quick decision-making during the project. This leads to improvements in profits and reduced risk for your business.
Cost matching is the linking of each Cost to a Task. This helps you track project progress and spend, giving you the ability to make quick decisions when needed.
Costs with an existing match will display an orange button. Click it to view or edit.
Costs without a match will show a green button. Click to match a Task to that Cost.
We recommend you match all items in your project daily and/or weekly. This keeps your project as up-to-date as possible, and keeps the task simple and, more importantly, complete.
PX360 also syncs all cost items with the integrated Xero account.
Tip: A more detailed explanation of Matching Costs can be found here. |
Awaiting Release
Funds may be withheld from contractors or suppliers for a variety of reasons:
Retention
Defect
Incomplete work
Incomplete delivery
Dispute
When this happens, it can be messy to track how it affects project budgets and financial forecasting.
PX360 provides the ability to withhold an amount both from the contractor/supplier and from your project budget so it accurately reflects the issue.
To view items that are Awaiting Release, click the arrow button in the top left of the Cost tab. Once items are settled, the withheld amount will then be included in your Planning tab budget.
Note: A more detailed overview of settling costs awaiting release can be seen here. |
Adding Progress Claims
Progress Claims are a request for periodic or complete payment. They should be in line with the construction contract and be associated with agreed-upon milestones, time-based (e.g. monthly) or otherwise.
We recommend using Progress Claims to obtain Client Approval prior to invoicing as they can be important if a legal dispute arises and follow the Australian Building Industry Contracts (ABIC) process. They can also assist with cash flow throughout the project.
Note: A more detailed overview of Progress Claims can be viewed here. |
Syncing with Xero
Click the Xero Sync History button in the top right corner of the Cost tab before and/or after entering information to ensure your costs have been synced with your integrated Xero account.
Note: If you haven't yet connected your Xero account to PX360, you can do so on the Integrations tab in Settings. |