Overview
In an Owner's Rep workspace, you have the flexibility to manage two distinct financial perspectives: the Owner Budget and Your Budget. While the core logic of tracking original and projected budgets remains consistent across both, the "Your Budget" view now offers enhanced tools for tracking internal profitability and revenue when both budgets are active.
Owner Budget: The project-wide budget used to manage all expenses for the Owner.
Your Budget: An internal budget to track your specific costs, revenue, and profit as the Owner's Representative.
Prerequisites
Only Owner's Representative workspace types have an Owner budget and Your budget. All other workspaces only have a Your budget and can also have budgets that have been shared by an external collaborating workspace.
Budgets must be configured using a company Project Cost Codes template.
Profit tracking columns are only visible in the "Your Budget" view when both an Owner Budget and a Your Budget are present in the workspace.
Process
In an Owner's Rep workspace, use the dropdown menu in the Project Budget to toggle between views.
1. Owner Budget
The Owner Budget remains the source of truth for the entire project’s financial standing.
Purpose: Tracks all project-wide expenses (e.g., construction, vendors, and your management fee).
Functionality: Displays Original, Current, and Projected Budget columns.
Note: This view does not include profit or margin columns, as it reflects the Owner’s costs, not your internal earnings.
2. Your Budget
Important: Profit tracking columns are only visible in the "Your Budget" view when both an Owner Budget and a Your Budget are present in the workspace.
The "Your Budget" view has been expanded to support detailed internal financial management.
Profit & Margin Tracking: If your workspace uses two budgets, "Your Budget" reveals additional columns:
Budgeted Cost: Your baseline cost for a line item.
Budgeted Profit: The markup or profit you intend to earn.
Budgeted Margin: Automatically calculated based on Cost and Profit.
Revenue Management: New columns allow you to track Total Current Revenue, Projected Revenue, and Net Revenue.
Flexibility: If you do not wish to track profit, you can hide these columns. This is a "sticky hide"—the columns will remain hidden every time you return to the budget until you choose to show them again.
Agreement Types & Budget Usage
Your agreement type determines which budget is used to track specific contracts:
Agreement Type | Contract Holder | Primary Budget Used |
Advisory / Agency | The Owner | Owner Budget (Tracks all vendor contracts + your PM fee). |
Principal | The Owner's Rep | Your Budget (Tracks vendor contracts you hold directly). |
Key Takeaways
Owner Budget: Standard project tracking; no profit columns.
Your Budget: Enhanced with Profit, Margin, and Revenue columns (only when two budgets exist).
Terminology Update: "Budget Reallocations" are now referred to as Approved Budget Reallocations to reflect their status in the system better.
Consistency: Core metrics like Committed/Uncommitted costs, Payment Amounts, and Percentages remain the same across both views.