Budget Basics

Understanding Milestone and Subitems on a Job Budget

Table of Contents

Budget Items

 

 

Creating a Budget against a Job in Prestartr requires two primary items:

  • Items
  • Subitems

Lets cover the fields available when creating both a Milestone and a Subitem.
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Budget Items

A budget Item is a container of subitems, with either a set cost, or a calculated cost dependant on the subitems. Example Items might include “Site Preparation” or “Foundation Work, and mark key progress points and deliverables.

To add an Item, click the Add Item link below the budget.

To add a Subitem, right click on an Item in the budget and click Add Sub-item.

Item

Item breakdown

When creating a Item, there are seven relevant fields to consider.

Not all fields are required, however incomplete fields may reduce functionalities of optional parts of the Job Budget.

The fields of a Item include:

  • Name
    This is the name of the Item as it appears on contracts or quotes.
  • WBS Code
    This is numbered breakdown on the Work Breakdown Structure.
  • Description
    This is the longer-form description of the Item, as needed.
  • Start/End Date
    The start and end date for the Item.
  • Revised Budget
    This option when enabled will set the Item Budget to be calculated. The value is derived from the Subitems.
  • Apply Margin and Contingency & Colour
    This is a legacy feature - if your company uses this feature, you will know. 😊
 
 
 

Subitem

Subitem breakdown

When creating a Subitem, there are multiple fields to consider.

Not all fields are required, however incomplete fields may reduce functionalities of optional parts of the Job Budget.

The fields of a Subitem include:

  • Name
    This is the name of the Subtiem as it appears on contracts or quotes.
  • WBS Code
    This is numbered breakdown on the Work Breakdown Structure.
  • Description
    This is the longer-form description of the Subitem, as needed.
  • Classification
    Mark the subitem as part of the Contract or as part of the list of Variations.
  • Start/End Date
    The start and end date for the Subitem.
  • Revised Budget
    This option when enabled will set the Subitem Budget to be calculated. 
    The value is derived from the Actuals against the Subitem.
  • Cost to Complete
    This is the value that describes how much it will cost to complete this item.
    Also known as its Forecast.
  • Budget
    The allocated value for the item - also known as its Target - It combines the following subfields:
    • Text: descriptive text of the subitem such as Concrete.
    • Quantity: amount of the subitem, dependant on the Unit. (500)
    • Unit: How the quantity is measured - for concrete it may be m3. (500 m3)
    • Unit Price: the price per unit of the subitem. (ie $200 per m3)
      • This would read as such: Concrete Slab - 500 - m3 - $200 - $100,000
  • Quantity to Date
    Displays as either a value or percentage of the work completed.
  • Quantity to Complete
    Either a value or percentage of the work remaining.
  • Rate to Complete
    The value for the remaining quantity to complete.
  • Retention
    Toggle on or off if Retentions are enabled. 
    When enabled, set a percentage for Retention.
 
 
 

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