The Estimates tab shows planned revenue and cost details for a project. Estimates can be created directly from the project or by going to Project Costing → Project Costing Documents → Project Estimates.
In the Estimates tab of the project form:
Edit Current Estimates to update – Enables modification of the existing budget details within the current estimate version.
Create New Estimates to start a new version of the budget.
- Edit budget
Estimate Methods
There are two budgeting methods:
Independent Calculation of Costs and Revenues
The Estimates tab includes detailed breakdowns of project revenue and cost estimates:
Revenue tab: Shows estimated income based on selected analysis parameters like item, task, or department. These parameters can be customized in user settings.
Costs tab: Displays estimated expenses using similar analysis parameters.
Estimates by Period tab: This tab is available if time-based planning is enabled. It splits revenue and cost estimates across specific project periods, helping track budgets over time.
2. Calculation of Revenues Based on Costs
The Revenues and Costs tab displays the project’s estimated income and expenses, based on selected analytical details like item, task, or department. These can be adjusted in personal settings to suit reporting needs.
The Overhead tab shows estimated overhead costs, again based on selected parameters.
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Variation Order – Used to record and apply approved changes or additions to the original scope and budget.
Create Budget – Initiates a new budget if none currently exists for the project/if exist, it will allow amending it.
The Method of Calculation appears based on the option selected in Project Costing Settings, determining how project revenue and cost estimates are calculated and displayed.