Set Up and Lock the Budget
Use Case
The project team is preparing for the execution phase of the project. With the estimate published, the project controller can now add further details to the project budget.
This section covers how to prepare the budget for project execution, including setting up pay item earning rules and locking the budget.
Set Pay Item Earning Rules
With your budget and pay items published from the conformed estimate, you can now set up pay item earning rules in Control.
Follow the steps below to set up earning rules for your pay items.
Step 1
From InEight Control, open the Pay Items tab and select a pay item.
Step 2
Hover over the Description and click on the three black dots.
From the menu, select Pay item details.
Step 3
From the slide-out window, select the Cost Items tab.
Step 4
Click the Update earning rules icon.
Step 5
Update the earning rules details. You can make changes to the following fields:
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Calculate earning amounts by (Forecast (T/O) qty, CE total cost)
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Earning %
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Earnings timing
Step 6
When you’re finished, click Save.
With earning rules set up, you can refer to the forecasted revenue columns for this pay item on the CBS and Pay Items tabs and check the newly populated values.
Access the following link to learn more:
Lock Budget and Pay Items
Update the CBS for Project Execution
In many cases, the budget created from an estimate will need to be reorganized for field tracking purposes. Field engineers can work directly in Control to update forecast takeoff quantities with the most accurate values, while the project controller can update the CBS for project execution.
Watch the following video to learn more about reorganizing the CBS:
To update the forecast takeoff quantities, start on the CBS tab in InEight Control. Under the Forecast (T/O) qty column, double click inside a cell to make changes.
Lock Budget and Pay Items
Once all configurations and updates have been completed, the budget and pay items can be locked.
Locking the budget creates an Original and Current Budget based on the Current Estimate values.
Once a budget is locked, the Original Budget cannot change. You can change the Current Budget through approved change orders.
To view which cost items have been locked, add the Budget lock status column to a data block.
Follow the steps below to lock your budget:
Step 1
From the CBS tab, select the cost items that you want to lock.
Step 2
From the Actions menu, select Lock/unlock budget > Lock budget.
Step 3
Confirm the information in the warning. Then click Yes.
Step 4
The selected budget items are now locked.
To lock the entire budget at once, open the Actions menu and select Lock/unlock budget > Lock budget and price.
Pay items can be locked following a similar process:
Step 1
Open the Pay Items tab and confirm that you are on the Price view.
Step 2
Select the pay items that you want to lock.
Step 3
From the Actions menu, select Lock/unlock price > Lock price.
Step 4
Confirm the information in the warning. Then click Yes.
Step 5
The selected pay items are locked, and the price values are now populated on the Pay Items tab.
