Overview
Efficiently manage your project’s financials with the Master Project Budget on INGENIOUS.BUILD. This central hub allows you to budget and forecast anticipated costs in real-time, giving you a comprehensive and dynamic view of your project’s financial health.
With the latest enhancements, budgets now support multiple phases and up to four tiers of cost codes, addressing some of the platform's most requested features. Previously limited to single-phase budgets and two-tier cost codes, this update allows for more detailed cost tracking and improved organization.
Key Definitions
Cost Code: The most granular level of budgeting, used to estimate and commit costs.
Category: Groups cost codes and provide subtotals at a higher level.
Sub-category: Adds grouping layer beneath categories, allowing for more detailed subtotals.
Phase: Represents distinct sub-projects or stages, such as "Building A" and "Building B," with nested categories and cost codes beneath each phase.
Budget Line Items: Optional entries used to build estimates for individual cost codes.
Budget Structure
The previous structure: Category > Cost Code
The new, expanded structure: Phase > Category > Sub-category > Sub-category > Cost Code
This provides flexibility to track costs at a highly detailed level while still allowing for optional simplification if fewer levels are needed. The minimum requirement remains Category > Cost Code.
Examples of Cost Code Hierarchy
Here are a few examples of this new cost code structure and hierarchy:
Example 1: Single-Phase Project
Category: Soft Costs
Sub-category: Consultants
Cost Code: Architect
This project is single-phase and does not use Phases.
Example 2: Multi-Phase Project
Phase: Building A
Category: Hard Costs
Sub-category: Base Building Construction
Sub-category: Finishes
Cost Code: Drywall
Phase = Building B
Same structure as Building A, demonstrating how cost codes can repeat across phases.
This project is multi-phase and uses Phases and all 4 levels of cost coding. Note that the cost code structure repeats across multiple phases.
Templates for Efficiency
Standardize your cost code structures using Lists & Templates, which can include categories, sub-categories, and cost codes, enabling faster setup for future projects.
This updated budgeting feature provides the flexibility to meet the unique needs of any project while maintaining simplicity for straightforward financial tracking.
Next Steps
See Also