RAVE's New Cost to Complete Report
Our New Cost to Complete column is now live in the profitability Reports Tab inside a project in Rave Financial.
INTERESTING ARCHITECTURE TRENDS
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WHY ARE THESE TRENDS COMING BACK AGAIN?
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WHAT TRENDS DO WE EXPECT TO START GROWING IN THE COMING FUTURE?
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WHY IS IMPORTANT TO STAY UP TO DATE WITH THE ARCHITECTURE TRENDS?
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WHAT IS YOUR NEW FAVORITE ARCHITECTURE TREND?
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RAVE's New Cost to Complete Report
Cost to Complete
Our New Cost to Complete column is now live in the profitability Reports Tab inside a project in Rave Financial.
The icon at the top of the header Cost to Complete Totals will show you the balance required to “complete” this project based on the approved quotes Less Bills (Less overspends). This will give you the value required to finish the project without displaying budget blow outs/overspends.
In our example below for Architect/Designer we have a budget of $6,500 + gst but have already been billed $8,000 + gst so the true cost to complete that portion is $0 and the overspend of $1,500 + gst has been removed from the totals in cost to complete column.
The total for this whole project has taken the Quotes less the Bills (Removed the overspends) to give you a full cost to complete for the whole project. The sums are $581,043.86 balance + $4,560 of over spends added back in to give a total of $585,03.86 required to settle the build budget.
Cost to Complete Report
For those with Branch level reporting. We have a new Cost to complete report in the Financial section
This report will provide you with a “Current Position for each project.”
We take the total project value including variations and markup i.e the client total
Then display the invoiced to date amounts, then display the balance to be invoiced i.e Uninvoiced Total, Then the quote Total i.e your approved budget, then billed Total. We then display the Cost to complete Total (this has your overspends already removed as you need to still spend the money to finish the project)
Then we calculate if the project is in an overall positive or negative position.
If you have invoiced your clients more than the project value, we will display the money in the current position as a positive but the column for un invoiced will show as a negative as its money you have invoiced that hasn’t been allowed for.
In our examples below we can see our first job has a positive position as the funds required to finish the job is less than what the client is still to be invoiced. However, on our third job the funds required to finish the job is significantly higher than the income left to invoice so the job has a negative position.
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