The Estimates tab shows a summary of 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 the existing budget.
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.
If time-based planning is enabled, the Estimates by Period tab appears. It splits revenue, cost, and overhead estimates across specific planning periods to help track the budget over timecosts, based on the linked Project Estimates document.
If the project status is New, the following buttons are available:
Create New Estimates – Allows users to enter planned revenue and cost details for the project.
Create Budget – Let users create a budget based on the entered estimates.
If the project has a different status (e.g., Active), the tab shows these buttons instead:
- Edit Current Estimates – Lets you update the existing estimate details.
- Create Variation Order – Used to add approved changes or updates to the original estimate.
- Create Budget – Creates a project budget from current estimates if one doesn’t exist, or allows editing the existing budget.
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.