To understand how to correctly read and interpret the data in a budget created using Procore's Budget tool.
To view a project's budget, navigate to its Budget tab.
Below is an example screenshot of a budget. Each column is described in more detail below.
(View full size image)
Budget Column Descriptions
- Cost Code
A predefined numbering system that represents specific kinds of work for the purpose of organizing the cost control process of a specific project.
A type of cost such as Labor, Material, Equipment, Subcontract, etc.
- Original Budget
Defines the budgeted amount that was originally allocated to bring the item to completion.
- Budget Modifications
Although the original budget is no longer editable once it's locked, you can easily transfer allocated funds from one line item to another in order to make adjustments to your "current" budget. Budget modifications allow you to make iterative changes over time that help you better balance your current budget more effectively. Amounts in parentheses (e.g. ($1500.00)) denote negative amounts.
- Approved Change Orders (COs)
An approved Prime Contract Change Order (PPCCO) to the original estimate that will likely result an additional/increased cost. Values are only derived from PCOs, not PCCOs.
- Revised Budget (= Original Budget + Approved Change Orders)
The updated budget, which is based upon the additional costs that have increased the project's original budget based upon the number of approved change orders and their related amounts.
- Pending Budget Changes (= Potential Prime Contract Change Orders)
Submitted Potential Prime Contract Change Orders that are in the "pending" state because they have not been approved or rejected.
- Projected Budget (= Revised Budget + Pending Budget Changes)
Includes all pending Prime Contract PCOs. If the Prime Contract tool is not active, the Approved COs, Pending COs and Project Budget columns will be hidden and the method of transferring or adding money is restricted to Budget Modifications only.
- Committed Costs (= Approved Commitments + Approved Potential Commitment Change Orders)
Aggregates all approved commitments and approved commitment change orders. You can see all of the items that make up this number, and any other underlined number by clicking on it to drill down to the details.
- Direct Costs
All costs that are not associated with your commitments. Costs are not linked to any SOV line items. The typical use case for this column is for "General Conditions" and self-performed work.
(Note: For Sage integrated accounts, this value is pulled directly from your Sage database and cannot be edited in Procore.)
- Pending Cost Changes (= Pending Commitments + Pending Potential Commitment Change Orders)
Pending Costs pull from Pending Commitment Change Orders and any commitments that have an “Out for Signature” status. (If you’re using 3-tier commitment change orders, the values are derived from the PCO level.)
- Projected Costs (= Committed Costs + Direct Costs + Pending Cost Changes)
The sum of all known costs.
- Forecast to Complete
The “Forecast to Complete” column is where you can forecast additional money that you expect to be spent (in addition to the Projected Costs) in order to bring the item to completion.
- Estimated Cost at Completion (= Projected Costs + Forecast to Complete)
Sum of all known and expected costs that may be required to bring the item to completion.
- Projected Over/Under (= Projected Budget - Estimated Cost at Completion)
The net difference between what you expect to be the total cost of completion and the projected budget amount.
- Job to Date Costs (= Commitment Invoiced + Direct Costs from Sage)
(Note: This column is only available when your company's is using the ERP Integrations tool with QuickBooks or Sage 300 CRE.)
The total amount of subcontractor and direct invoices that have been posted as a Sage Job Cost. The JTD Costs value is pulled directly from your Sage database and cannot be edited in Procore.