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
- 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
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