Overview
The Master Project Budget is your go-to spot for all of your project financials. Use this article to learn how to build your original budget for your project.
Prerequisites
You should first Create the budget and add cost codes so you have codes to assign values to.
Process
You can build your Original Budget with Flat Values or with Budget Line Items.
If Using Flat Values
A "Flat Value" means you are typing the budget value directly into the cell, similar to typing into a cell in Excel.
Find the cost code you want to add a budget for. Click into the cell in Column A Original Budget for that cost code, and type the budget number.
If Using Budget Line Items
Budget Line Items are individual items that together will give you your estimate or original budget for a cost code. For example, you can use budget line items to build your estimate for a cost code using cost/sq ft, allowances, and more.
To use Budget Line Items, click the calculator icon in Column A for the cost code you are adding a budget for.
Tip: Workspace Administrators can create Budget Line Item templates to standardize budgets, including consistent line items, calculations, and unit prices.
If loadings from a template:
2. Choose Load from Template or Add New Budget Line. Fill out the description, unit of measure, quantity, and unit price. If you are using a template, some of these items will already be filled out for you.
Tip: If you enter an area in Project Settings, you can automatically pull this area in by choosing the applicable area from the Unit of Measure dropdown.
3. Choose Save or Save and Update Next.
Changes you make to Column A Original Budget will be tracked in the Budget Timeline.
Take a Snapshot:
Save a snapshot of your budget by using Budget Approval Phases. Once you are ready to lock in your budget, submit it for Final Approval.
Now that you’ve learned how to build your Original Budget using Flat Values or Budget Line Items, you can create detailed and accurate financial plans for your projects. Next, save a snapshot of your budget using Budget Approval Phases and submit it for Final Approval to lock it in.