Budget

Overview:

The budget needs to be reviewed at least weekly. The columns that need to be checked are the budget overruns and the GP – further description below.

At the start of a project the budget should be set up via estimating/takeoffs. The budget then needs to be locked. Ant changes after that need to be done through creating a budget change.

 

Budget Views:

Procore Standard Budget = Costs

• This view clearly shows what cost code is overrun by making the row red.
• If there are overrun cost codes it must be amended urgently because the overruns aren’t included in finance reports therefore making the job appear better than reality. To fix the overruns either create a budget change to allow for the overrun amount or move budget from another code or move the cost to the correct cost code that allowed for it. This all must be done with senior project manager’s approval.

Master Budget View = Costs and revenue

• This view shows the head contract amount and gross profit.
• Watch the GP closely and don’t let it drop.

 

Budget Changes: 

Budget > Create Budget change > Input a name > Status: approved > Adjustment > To: code that needs money. From: code that has spare money. From is a negative amount. > Add adjustments or lines if needed > Click Save.

 

 

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