Overview
Use this article to get acquainted with the Master Project Budget / ACR. The Master Project Budget is your go-to spot for all your project financials. Budget and forecast anticipated costs on your project by setting up the Master Project Budget / ACR.
Prerequisites
If your budget will use a company template, the template should first be configured by your workspace Administrators.
Process
Open your project and use the project navigation to open the Master Project Budget / ACR.
You will choose to create a Single Master Budget or a Budget Feasibility Study. Feasibility studies allow you to create multiple budget options before proceeding with a single master budget. This is typically used earlier in the life-cycle of a project, for example, if you are considering multiple locations for your building. For more information on Budget Feasibility Studies, click here.
Once you have a Single Master Budget, you can prepare a project budget and begin committing and forecasting costs.
Use the screenshot below to review the following features:
1. Summary tab: Use this tab to build your budget and see all of your project financials in one place.
2. Approval Phases: Use this tab to view your saved budget snapshots. You can submit your budget for phased approval to save snapshots of your budget in time.
3. Budget Changes: This tab becomes available after your budget has Final approval and it used to make changes to the budget throughout the life of the project (contingency reallocations, budget increases, etc.)
4. Timeline: The Timeline has an audit trail and will track all changes made to your budget up to the point of final approval.
5. Export button: Generate pre-configured PDF and Excel exports.
6. More button (button with 3 dots): Find more budget actions here, including Start Feasibility Study.
7. Currency dropdown: This will display the base currency. Add a currency conversion, if applicable.
8. Owner Budget vs. My Budget dropdown: (Only available in Owner's Rep workspace type) This allows you to prepare the overall project budget (Owner Budget) as well as a budget for your own scope of services on the project (My Budget).
9. Collapse Arrow: Collapse the Category / Cost code section.
10. Show hidden: Turn this toggle on to see any columns you have hidden.
11. Show total/ft2: Turn this toggle on to see a price/sqft displayed on the budget. Set up your project area in Project Settings.
12. Budget Layout dropdown: View your budget using different budget layouts configured by your workspace Administrators in Lists & Templates.
13. Display Tiles: Click this icon to show or hide tiles that display Total Funding, Current Budget, Total Anticipated Cost, and Billed to Date.
14. Category / Cost Code: Use this section to configure the cost codes, categories, sub-categories (if applicable), and Phases (if applicable) that your budget will use. See our Definitions article for more detail.
15. More button on each column: Use this button to hide a column or see a description of that column.
16. Budget section: This section displays your budget information and is populated when you enter the project budget and enter Budget Changes.
17. Committed: This section is populated when you execute commitments, such as Contracts and Change Orders.
18. Gross Work Complete, Retention Summary, Net Value Work Complete, and Payment Information: This section will populate from Invoices that are entered onto your project.
Next Steps