Using Forecasted Costs

The Forecasted Costs column in the Job Status window shows the project manager's forecast of the cost at job completion. You can retain both the original estimated cost and a forecasted cost. You can also revise the forecasted costs.

When you add cost codes to a new job, the forecasted cost equals the estimated cost. You can increase the forecasted cost when you know there will be a cost overrun. You can also decrease the forecasted cost if the projected actual cost will be considerably less than the estimated cost when the job is completed.

You can revise a forecasted cost by zooming on a cost element to open the Forecast Cost Revision Entry window.

When you enter a forecast revision, make sure the posting date falls within the period you want the transaction to affect. The amounts in the Job Status by Period window and the Percentage of Completion (POC) will be totaled based on the posting dates. For example, when you enter a forecast revision, the default date in the Date field in the Forecast Cost Revision Entry window is the user date in the current period. If you want the revision to affect the previous period, you would have to change the date to reflect that previous period.

Revising Forecasted Costs

You can revise forecasted costs in units, or in dollars. With units, you can manage labor on a job based on hours.

1. Select Inquiry > Job Cost > Job Status.
2. Select a job and zoom on a forecasted cost element.
3. The system date appears in the Date field. You can change this date.
4. Enter the Cost Code that applies to the revision.
5. Enter both the Forecasted Units and Forecasted Amount/Unit - OR - a flat dollar revision Amount. The revision amount will be added to the current cost element forecast. The total amount of forecasted revisions is then added to the cost element's estimated cost to calculate the revised forecast amount.
6. Enter the identifying text that describes the reason for the forecast revision. This information appears in the scrolling window. You can attach a detailed note using the notepad button.
7. Post the revision. When you post, the revision transaction displays in the scrolling window.
8. To print the forecast revision list, select File > Print.

Adjusting Forecasts

Depending on whether you are using labor hours or costs to calculate percent complete, you can adjust forecasted labor hours or costs to equal actual posted labor hours or costs for each cost code. This procedure does not consider estimated costs.
Unless the Auto adjust forecasted only when posted is greater than forecasted checkbox is marked on the Job Cost Setup Options window, the forecast is revised whenever the actual units do not equal the forecast units.

Security access may be restricted, and there is no way to undo the changes that are made.

1. Select Inquiry > Job Cost > Job Status.
2. Select a job and select Adjust Forecasts. A message appears asking if you are sure that you want to adjust the forecasts. If so, back up your system before continuing. The Adjust Forecast Costs Utility updates forecast units to equal posted units.
3. Select OK to continue, or Cancel to exit without updating the forecasts. The system creates forecasted revisions for each cost code, adjusting the forecast to equal actual.