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Create a Budget Modification

Objective

To create a budget modification using the project's Budget tool. 

Background

The budget modification feature is designed to provide project manager's with the ability to accurately adjust a project's current budget. With this feature, you can create modifications that transfer allocated funds between budget line items, which provides you with the flexibility to accurately adjust the budget as allocation amounts change over the course of a construction project. 
Note: If your company has enabled the company's ERP Integrations tool, budget modifications on a project can be exported to Sage 300 CRE. In Sage 300 CRE, they appear as an 'Approved Estimate Changes' and will update the 'Imported Estimate'.  

Things to Consider

  • Required User Permission:
    • To create a budget modification, 'Standard' level permission or higher on the project's Budget tool.
    • To configure the Budget tool, 'Admin' level permission on the project's Budget tool. 
  • Prerequisites:
  • Limitations:
    • By default, the Budget tool supports modifications that transfer amounts from one (1) budget line to another, which results in a "net zero" transaction and updates the Original Budget and Budget Modification amounts.
      (Notes:
      • If you want your project's budget to perform addition/subtraction to increase/decrease its totals, a user with 'Admin' level permission to the Budget tool can click the Configure Settings  icon and then place a checkmark in the 'Allow Budget Modifications Which Modify Grand Total' box.
      • To learn about other budget settings, see Configure Advanced Settings: Budget). 
    • Budget modifications may not be visible to your client.
    • If you added a budget line item for $0 after locking the budget, you will not be permitted to delete that budget line item should it be associated with a budget modification.
  • Additional Information:
  • If your company has enabled the ERP Integrations tool:

Steps

  1. Navigate to the project's Budget tool.
    This reveals the project's Budget page. 
  2. On the Budget page, under the Budget view, do the following:
    • Determine which budget line item(s) require a budget modification (Note: Take note of the specific Cost Codes and Categories for each affected line item. 
    • In this example, will will modify the budget to transfer $1,000.00 from 1-040 - Coordination (L) to 1-040 - Coordination (LB)).


       
  3. Click Create Budget Modification.
    (Note
    The button is grayed out and not available when the budget is unlocked and/or when your user profile does NOT have 'Standard' level user permission or higher on the project's Budget tool). 



    This opens the Create Budget Modification window. 
  4. In the Create Budget Modification window, specify how you want to reallocate/transfer the budget amount.
    (Note: In Example 1 below, we're transferring $1,000.00 from the line item for 1-040 - Coordination (L) to 1-040 - Coordination (LB)).


    Example 1: Transfer Money Between Line Items


     
  5. Click Create.
    A progress indicator appears to show the status of the creation process. Then the system updates the Cost Code Detail on the Budget view (Note: The value in the Original Budget column reflects your change and the transferred amount is reflected in the 
    Budget Modifications column, as shown below).



    The modification is complete. If you want to view a detailed record of all changes to the budget, click the Change History link at the top of the page. 

Next Step

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Last modified
13:03, 26 Apr 2017

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