Video - InEight Control - Time Phased Budget - Contract Adjustment

TRANSCRIPT

Time phased budget lets you plan out where to spend your money in the months of the active fiscal calendar for a project. By time phasing your budget, you can plan out your budgeted cost per cost item.

Time phasing allows you to spread your budget out into buckets over the course of the project for each cost item.

Instead of only seeing what you'd spend or receive at the end of the cost item completion, you can instead allocate those budget values into fiscal periods.

This is important because time phasing helps to break down planning into more manageable, short term goals, as well as tying in the schedule to the planned budget. Let's take a look at how to set up time facing the budget and control.

In your Control settings, navigate in the Project tracking tab and open your Organization settings. The time phase budget feature includes an organization setting located in the Project tracking tab of the control settings.

If you are starting new projects in your organization, you need to have time phased budget switched on. Once turned on, control or prompt you to select an option for your budget spread. For now, we'll select the first option, which is based on fiscal periods.

Let's select some cost items and time phase their budgets. Select cost items 4.1 to 4.3. Notice how these cost items already contain start and finish dates, and a cost curve as all three entries are required to time phase the budget.

Go to Actions, Budget move, and Contract adjustment, then contract adjustment. At the top of the contract adjustment screen, notice how step 3 is time phased budget, which is what we activated earlier in Control settings.

As the project has progressed, and budget changes, you can spread the adjusted budget values into months. Under Change order attributes, change the start to January and the finish date to December, and let's keep the cost curve as linear.

Let's add some cost under the adjusted CB total cost column. In the time phased budget step, we can now manage budgeted values month over month.

The monthly adjusted cost field now displays an adjustment monthly spread, which total your adjusted CB total cost you entered in the cost items tab. It's possible to modify the adjusted cost manually.

Any deltas will need to be fixed prior to submitting. Select Order distribute. Since the delta is now corrected, we can proceed to step 5 and submit. This information is now available in the backend for reporting.

In this video, we discussed time phased budget and how it allows you to spend money in the months of the active fiscal calendar for a project.