Question

Update Project Revised Budget Through Cost Projections

D
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Hi Community,

I have a requirement to update the project's revised budget based on a cost forecast and it should be subject to approvals. 

I have investigated the following options.

  1. Create a Budget forecast and update the revised budget. This is possible but the budget forecast does not allow it to collect approvals before updating the budgets.
  2. Create a cost projection and it is subject to approvals. However, it does not update the project's revised budget and it updates the projected budget columns. 
  3. Change Orders are not an option since it is not connected to forecasting. 

Do you have any suggestions for me to handle the above requirement? 

4 replies

aaghaei
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@dsenevirathne54 project revised budget is formulated to add original budget and change orders. Directly updating the revised budget will force the system math to be out of balance. When you say COs are not connected to forecasting I am not sure what do you mean. You either should use the COs to update the revised budget or customize the Cost Projection to update Original Budget on release and Revised Budget accordingly by including COs.

Reza Aghaei CPA, M. Acc. & Acumatica Customization - If a member helped you, please *Like* their post. If a member provided an answer to your question, please mark it as *Best Answer*.
D
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Hello @aaghaei,

Thank you for your comment. 

What I mean by COs not connected with the budget forecast is that, in practice, we create a project budget forecast and update the changes in the forecast. Then we need to update the budget based on the project forecast changes. But COs are not designed to pick changes in budget forecast but we can manually create and update the revised budget. If we use CO to update the revised budget, we need to calculate the forecast and create CO manually to update the budget.

And I’m not sure about your comment on “Directly updating the revised budget will force the system math to be out of balance.” Caz through the project budget forecast form we can update the revised budget without impacting the original budget which I see as practical. And it is demonstrated here by Acumatica as well. 

 

Here I am required to update the project's revised budget, not impacting the original budget, and collect approvals based on the forecast or projection.  

Thank you,

Dulanjana

iqraharrison
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@dsenevirathne54 do you want to see the updates budgeted amounts within the project or just through reports.  if you want the project to update, I believe the only way to handle that is via change orders.  Typically, I set up an internal change order class specific for those reasons.  if it’s for reporting only, i know the cost projections can be used in reports like Project WIP.  When you select the use cost projection option, all the calculated fields reference the updated cost projection number not the revised estimate amount

 

Iqra ~ If a member helped you, please *Like* their post. If a member provided an answer to your question, please mark it as *Best Answer*.
D
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Hi @iqraharrison48 ,

I did a solution as below. 

Creating a cost projection and updating the project cost at completion and it is subject to approvals. I created a business event that updated the project's revised budget once the cost projection was released. 

This met my requirement 

Thank you,
Dulanjana

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