Anticipated Costs Overview

Anticipated Costs are project expenses that have not been incurred yet but will in the future. For example, project expenses such as light/plumbing fixtures or cleanup fees will occur at the final stage of a project and the vendor or items may have not been identified yet. As a result, financial dashboards that compare estimated cost budgets versus commitments would show over inflated budgets unless Anticipated Costs are documented.

Generally, Anticipated Expenses is a master list of items that have not been recorded in the following features.

  • Purchase Orders (PO)
  • Miscellaneous Expenses
  • Subcontracts
  • Subcontract Change Orders (SCO)
  • Labor Timecards
  • Equipment Timecards

Important Things To Know

  • Anticipated Costs should be reviewed on an ongoing basis for the project.
  • Anticipated Costs will eventually be deleted or marked "Accounted For" as the project progresses. In there place, actual expenses will be recorded in the features listed above.
  • Anticipated Costs appear as a committed cost transaction in Project Analytics.

Steps To Complete Before Entering Anticipated Costs

  • Make sure the Prime Contract that will be referenced on the Anticipated Cost Item is Approved and has a Status Date.
  • Like the Prime Contract, a Job Cost Code is required when entering Anticipated Costs.

Anticipated Cost Functions

Copyright © 2020 Corecon Technologies, Inc.