Associate one or more budget codes with each defined project. Also, define the budget amount for the project. Define child projects, or sub-projects, only after finishing this procedure. Child projects share the budget codes of the parent project.
If you do not associate the budget of a shutdown work order with the project, the
system does not create the shutdown work order when you click Create Shutdown WOs on the Projects form. See Generating shutdown work orders.
The system monitors the expenditures for parts and labor for the project and any child projects, and it breaks the budget amount of the main project down into a budget amount for each subproject. It validates these expenditures against the budget amount. Regard the budget values defined here as sub-budget values, in comparison with the budgets defined on the Projects form. After the project is complete, the system freezes all associated budget items.
You do not need to create project budget codes for child projects.
To associate predefined budget codes with projects:
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Select Work > Projects > Projects.
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Select the project for which to associate budget codes, and then click the Budgets tab.
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Click Add Budget.
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Specify this information:
Budget - Enter a budget code for the project. The system automatically populates the budget description, Class, Class Org., Cost Area, Cost Center, and Code of Accounts from the project budget code.
Budgeted Amount - Enter the total budgeted amount for this project.
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You can associate additional budget codes with a project throughout the project life cycle; however, you cannot delete codes after assigning them to a work order.
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You may change Budgeted Amount at any time.
Estimate to Complete - Enter the estimated expenditures remaining for this project for the selected budget.
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When creating an initial budget for the selected budget code, the system automatically populates Estimate to Complete with the value entered in Budgeted Amount. If applicable, the system automatically subtracts the value of any planned, on order, actual, and invoice difference costs that may be incurred against this project/budget from the value entered in Budgeted Amount, and then populates Estimate to Complete with the calculated value. Modify the value of Estimate to Complete as necessary.
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Additionally, the system calculates the sum of all the values entered for Estimate to Complete for each budget on the Budgets page of the Projects form and then automatically populates Estimate to Complete on the project record with this value. See Defining project basics.
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Click Submit.