The purpose of Cost Control is to monitoring your cash flow per job. This helps you balance your Job expenses against your cost centre budgets. This is done by allocating your quoted amounts and or allowances to a Cost Centre budget. This allows you to apply your job expense invoices against your Cost Centre budgets which calculates your balance under or over your quote budget. It will show you an overall profit and loss at throughout the job lifecycle provided all your cost expense Invoices have been entered to date.
Cost Centres are commonly setup based on the supplier type billing you, so its easy to allocate your expense invoices to the job cost centre budgets.
|Code||This is the Cost Centres Budget Code.|
|Cost Centres||These are the Cost Centres and Supplier types that will apply to them.|
|Date Paid||This is the date paid of an invoice applied against that Cost Centre.|
|Cost (Inc. GST)||This is the Total Cost of all invoices applied against that Cost Centre Budget.|
|Budget||This is the total of all quotes and or allowances allocated to this Cost Centre Budget to run the job.|
|Balance||This is the Budget minus the Costs of that Cost Centre.|
|% Complete||Entering a % Complete of a Cost Centre allows you to help monitor your cash flow. This should be filled in especially once the Cost Centre has been completed. When a Cost Centre is completed you need to adjust it percentage to 100%, this will allocate the balance residual costs regardless of a positive or negative number and colour codes them based on if they are Under or Over the cost centre budget.|
|Projected Costs||The Projected Costs are calculated by entering the % Complete of works. This then applies the % Complete against the Cost Centres current Cost calculating a residual percentage to complete the works which then calculates the residual projected Cost to complete. This is a cash flow estimate forecast.
If you do not enter a % Complete, it will automatically deduct the Cost Centres Cost from its Budget to Balance and show a raw mathematical Projected Cost to complete.
The more accurate you enter the % Complete of each Cost Centre, the more accurate your cash flow total forecast will be.
Be sure to always adjust the % Complete to 100% when a Cost Centre is complete. This makes SoloAssist add the residual positive Balance to the total job profit. Then the residual Balance will turn green.
|New Cost Centre||This button allows you to add New Cost Centres, so you can allocate your material, Labour and or quoted cost to, from the Cost Schedule Items.
See Cost Schedule Items to learn more ►
|Edit Cost Centre||This button allows you to edit a Cost Centres Code, Name, % Complete and also allows you to enter a budget Override and see what Work Groups may be contributing to the budget of this Cost Centre. You can also double click the Cost Centres Name to edit.|
|Delete Cost Centre||This button allows you to Delete a Cost Centre. Once this action has been done, you can not undo.|
|Progress Summary||This button will open the Progress Summary. The Progress Summary is used for Lump Sum (% Complete of Works) and Cost Plus Claim Methods.
See Progress Summary Overview to learn more ►
|Order||This button allows you to raise Purchase Orders & Work Orders based on the Items linked from the Cost Schedules Items to each Cost Centre. Please note, Cost Centres with a Budget Override entered will not total properly in Purchase Orders or Work Orders. (Sorry)
See Purchase & Work Orders to learn more ►
|Add Invoice||This button allows you to add Invoices from suppliers to log against the Cost Centre Budgets to help monitor the cash flow of the job.|
|Edit Invoice||This button allows you to Edit a suppliers Invoice that has been logged against a Cost Centre. You can also double click the invoice to edit.|
|Delete Invoice||This button allows you to Delete a Invoice. Once this action has been done, you can not undo.|
This option allows you to Export your Supplier Invoices from Cost Control into MYOB. Make sure you have connected to MYOB first in the Setup menu.
See MYOB Connection to learn more ►
This option allows you to Export your Supplier Invoices from Cost Control into Xero. Make sure you have connected to Xero first in the Setup menu.
See XERO Connection to learn more ►
CSV = Comma Separated Values
This option allows you to Export your Cost Centre Budgets or your Suppliers Invoices from Cost Control out into a CSV file format. The CSV file format can be opened, read and manipulated in Microsoft Excel if required.
|The Help button opens the SoloAssist Help Centre with instructions on how to use the software. (Internet connection required).|
|Total||These are the column Totals for:
Cost = This is the Total job cost from the expense invoices entered to date.
Budget = These are the quoted Cost Centre budgets of the job.
% Complete = The Total % Complete is the average percent of all Cost Centres % Complete of the job.
Projected Cost = This is the Total Projected Cost to complete the job.
|Unpaid Invoices||This is the Total of Unpaid Invoices that have been entered for this job.|
|Projected Profit or Loss||The Projected Profit or Loss is calculated by deducting the Total Projected Cost from the Total Balance.
Projected Profit or Loss = Total Balance (minus the) Total Projected Costs.
A Projected Profit will show in Green and a Projected Loss will show in Red.
|Profit||This is a Total of all the Profits made on each Cost Centre Budget. The profits of each Cost Centre will show in green once you have entered 100% Complete.|
|Loss||This is a Total of all the Loss made on each Cost Centre Budgets. The Loss of each Cost Centre will show in red after you have entered 100% Complete.|
|Balance||The Total Balance is the overall difference between the Profit and Loss.|
|Revised Contract Total||The Revised Contract Total is calculated and shown in the Progress Payments view. It is the revised Contract Total balance after Prime Costs, Provisional Sums and Variation adjustments have been made to the original Contract Total.|
|Less Costs||This is the cost columns Total Cost (inc. Gst).|
|Less Projected Costs||This is the Projected Cost column Total Projected Costs (inc. GST).|
|Job Net Profit (inc. GST)||The Job Net Profit is calculated as follows:
Job Net Profit = Revised Contract Total - Less Costs - Less Projected Costs
|Build Rate / m2||This is calculated from the Contract Total divided by the Build Area m2 in Job Details ► Site Information window. This is the Contract Total Build Rate / m2.|
|Actual Build Rate||This is calculated from Totaling the Actual Job Costs then dividing the Project Area m2 against the Actual Total Cost. This will give you the Actual Build Rate / m2 after all Prime Cost, Provisional Sum and Variation Adjustments. This is used to compare against the original Contract Total Build Rate / m2.|
|When using a Cost Plus claim method, make sure you add a New Budget override to update each Cost Centres budget to be the same as the Cost Centres current cost total. This will update the Job Net Profit to display the correct profit markup for the current total job costing/expenses to date. This will also balance any profits or losses to $0.00 in the balance column. This will need to be repeated progressively throughout the job for each payment claim to rebalance the overall Job Net Profit and profit and losses.
Also, make sure you fill-in each Cost Centres % Complete to 100% as each Cost Centre is completed. This will help visually track costs.