Following is a step by step guide with some practical tips on preparing the project budget for uploading on .
PS: If you are still in the role of preparing the budget for your project, you may find the following resources useful:
Short video overview
Getting a budget template
You can download an example project budget template here or by clicking "Download Template" when creating a new project as seen on the image below.
NB! The number of line items in your budget is not limited as seen on the template. So you may have just 10 line items in your budget or 1000s or even 10s of thousands of line items.
The budget template sections explained
The estimates marked with yellow (Required)
These are the mandatory fields that need to be filled in in order the upload your budget and create a new project on .
The IDs that represent the cost codes (column B) may include letters, numbers and a combination of both.
The line item names (column D) represent the job names (materials, services)
The Estimate (colum H) represents the total estimated costs of the line items.
The estimated Units, Quantities and Unit prices, marked with Green (Optional)
To have a unit and quantity level control over your budget, enter the estimated units and quantities of your items in the columns marked with green. You'll be able to evaluate on project later phases of the job if the materials or costs were properly estimated.
The budget spreadsheet may include formulas.
The main contract, marked with pink (Optional)
The total sum of the main contract line items will be used in calculating the project profitability forecast. If you don’t fill it in, you’ll just be able to track the project costs forecasts.
Additionally you can have a separate list of line items in your budget that do not have estimated costs (Add to column D).
The revised budget, marked with blue (Optional)
When your project estimated costs and the revised budget are different, then enter the revised line items costs in the column marked with blue.
The categories (or job phases), light blue rows (Optional)
Mark your job categories (or phases) in the Hierarchy column with number 1.
The category rows should not include any numbers in the following columns.
Similarly mark 2nd level subcategories with number 2 and 3rd level subcategories with number 3.
What you need to know about project costs forecasting
When you upload your project budget without filling in the “Revised budget” column, then the initial cost forecast of the project will equal the estimated cost forecast of the budget.
When you upload your project budget by filling in the “Revised budget” column, then the initial cost forecast of the project budget will equal the “Revised budget”.
Once you upload the budget, you’ll see the following columns on “Estimated costs”, “Revised budget”, “Cost forecast”.