All of these columns may not appear on your financial summary table. The columns that display depends on the selected cost summary layout.
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Original Budget: This is the originally approved budget amount. This figure can include budget changes to the original budget amount.
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Approved Budget Changes: This is the amount of approved budget changes.
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Current Budget: This is the approved original budget and all approved budget changes.
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Projected Budget Changes: This is the amount of projected budget changes. The projected status is used to account for anticipated changes to the budget. "Projected" is a status that may or may not be used. In a process, this status might automatically be set once the process enters a specific step.
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Pending Budget Changes: The pending usually refers to budget changes that are pending a hard signature. "Pending" is a status that may or may not be used. In a process, this status might automatically be applied once the process enters a specific step.
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Projected Budget: This total includes the original budget amount plus all pending, projected, and approved budget changes.
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Original Commitments: This is the amount of all approved commitments. This figure can include commitment changes against the original commitment value.
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Projected Commitments: This total is the sum of current commitments, pending commitments, pending commitment changes and projected commitment changes.
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Pending Commitments: The pending status usually refers to commitments that are pending a hard signature. "Pending" is a status that may or may not be used. In a process, this status might automatically be applied once the process enters a specific step.
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Approved Commitment Changes: This is the amount of all approved changes to the original commitment.
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Non Commitment Costs: This is the amount of all approved general invoices.
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Current Commitments: This is the amount of all approved commitment changes plus original commitments, and approved general invoices. The formula is as follows:
(approved commitment changes) + (original commitments) + (approved general invoices).
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Projected Commitment Changes: The projected status is used to account for anticipated commitment changes. Projected is a status that may or may not be used. In a process, the status might automatically be applied once the process enters a specific step.
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Pending Commitment Changes: "Pending" is a status that may or may not be used. In a process, the status might automatically be set once the process enters a specific step. The pending status is usually used to refer to commitment changes that are pending a hard signature.
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Forecasted Commitments: This is the commitment line item amount that is included in the forecast. For more information on the forecasting feature, see Forecasting.
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Unallocated Reserve: This is the amount of funds that remain in the budget that has not been allocated. The formula is as follows:
Unallocated Reserve = the Maximum of 0.00 OR (Current Budget + Σ (Detail Items that are not Budgeted) - Projected Commitments - Σ (Detail Items that are not Committed) ).
The unallocated reserve will not reflect negative values. This is intended to show what is left to be allocated, not a variance.
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Estimate at Completion: This is the amount that is needed to complete the project based on the current budget. The formula is as follows:
(projected commitments) + (forecasted commitments) + (unallocated reserve).
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Actuals Received: This is the amount of all approved invoices as well as those marked as received. "Received" is a status that may or may not be used, but once invoices have been approved, they will automatically display in this column whether they were marked received or not. In a process, this status might automatically be applied once the process enters a specific step.
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Actuals Approved: This is the amount of all approved invoices. In a process, this status is automatically be applied once the process enters a specific step.
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Net Actuals Paid: This is the amount of all invoices that have been paid, not including retainage. The formula is as follows:
paid invoices - retainage held (retainage not yet paid).
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Actuals Paid: Paid is a status that may or may not be used. In a process, this status might automatically be applied once the process enters a specific step.
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Net Actuals Approved: This is the total amount of approved invoices less retainage held (retainage not yet paid).
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Amount Retained: This is the total amount being retained.
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Retainage Released: This is the amount that is approved to be released.
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Amount Retainage Paid: This is the total amount retained against invoices that are in "Paid" status.
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Retainage Release Paid: This is the total amount of retainage released from invoices that are in "Paid" status.
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Current Retainage Held: This is the amount of retainage currently held (not yet paid).
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Actual Cost to Complete: This is the total invoice amount needed to fulfill all commitments. The formula is as follows: (projected commitments) - (actuals approved).
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Percent Cost Complete: This is the percentage amount of the costs necessary to complete the project based on the current budget. This total is derived by dividing approved invoices by projected commitments. The formula is as follows: % = (approved invoices) / (projected commitments).
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Current Over/(Under): This figure represents the amount above or under the current budget. This total is the difference between current commitments and the current budget. The formula is as follows: (current commitments) - (current budget)
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Projected Over/(Under): The projected over/ under is the difference between projected commitments and the projected budget. The formula is as follows: (projected commitments) - (projected budget)
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Forecasted Over/(Under): This figure represents the forecasted spending that is over/(under) the current budget. This total is the difference between the estimate at completion and the current budget. The formula is as follows:
(estimate at completion) - (current budget).
For more information on the forecasting utility, see Forecasting.
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