Retrieving Cost/Progress from Project—Exercises

Required Data

Creating an Application For Payment

Purpose: The purpose of this exercise is to show you the required data that is used in the exercises below.

For creating an application for payment see the general exercise for Creating an Application For Payment

Connecting Activities to Contract Line Items

Purpose: The purpose of this exercise is to familiarize you with the data that must be in place before you can do the the exercises below.

General exercise for Managing Contract Projects

Entering an Actual Markup

Purpose: The purpose of this exercise is to familiarize you with the data that must be in place before you can do the the exercises below.

General exercise for Entering an Actual Markup

Main Exercise

Purpose: The purpose of these exercises is to show you how to retrieve cost and/or progress from a project as well as how to define cost details for application for payments and set project cost as valuations.

Windows:
Application for Payment

Retrieving Cost/Progress from Project

 If you are retrieving from the Application Line Items or the Applications for Payment windows, follow these steps:

1. Open the Application Line Items window or the Applications For Payment window and query for the required application(s).

2. Select the application(s) or line item(s).

3. Right-click and then click the Retrieve Cost/Progress from Project menu option.

If you are retrieving from the Application for Payment window, follow these steps:

1. Open the Application for Payment window and query for the relevant application.
2. Right-click on the header or after selecting the desired line(s) or item(s) in the Item Valuation tab.
3. Click the Retrieve Cost/Progress from Project menu option.
4. Observe that the Project Cost and the Project Progress fields will be updated with the committed and/or used cost and the progress from the activities respectively. Note that the value in the Project Cost Calculation field in the Sales Contract/Defaults tab will decide whether the used cost or both the committed and used cost will be retrieved.

Note: When cost and progress is retrieved in the Application for Payment window, the effect will differ  according to the place where it is performed. If performed from the header, it will affect all the lines and items in the application for payment. If performed from the lines, it will affect all items for each selected line. If performed from the line items, it will affect each manually highlighted item.

Defining Project Cost Details on Application for Payment

Updating actual costs retrieved from project:

1. Open the Application For Payment window and query for the application for payment on which you want to valuate items.

2. Click on the Item Valuation tab then select a line and click on a row to retrieve cost and/or progress from the project activity.

3. Right click and then click Retrieve Cost/Progress from Project. Actual costs and progress will be retrieved from the connected activities.

4. Right click on the row and then click Project Cost Details. The Project Cost Details dialog box will open.

5. In the Project Cost field, update the actual cost for the given project cost element for the application item if necessary. Once the project cost has been entered for a cost element, the markup is retrieved and updated in the Markup field from the actual markups entered on the sales contract. You can enter and modify the Markup if necessary.

6. Click Apply.

7. The Work Value is automatically calculated to be the Project Cost which is multiplied with the markup.

8. Click OK.

Entering actual project costs manually:

1. Open the Application For Payment window and query for the application for payment on which you want to valuate items.
2. Click on the Item Valuation tab then select a line and click on a row, right click and then click Project Cost Details. The Project Cost Details dialog box will open.
3. Click on the New button to create a new cost record.
4. In the Project Cost Element field, click the List button to select a project cost element to which you want to enter actual cost.
5. In the Project Cost field, enter the actual cost for the given project cost element for the application item. Once the project cost has been entered for a cost element, the markup is retrieved and updated in the Markup field from the actual markups entered on the sales contract. You can enter and modify the Markup if necessary.
6. Click Apply.
7. The Work Value is automatically calculated to be the Project Cost multiplied with the markup.
8. Click OK.

Note : If the valuation method is Cost Plus for any item, the item work value will get updated according to the cost from the project.

Setting Project Cost as Valuation value

 If you are using the Application Line Items or the Applications for Payment windows, follow these steps:

1. Open the Application Line Items window or the Applications For Payment window and query for the required application(s).

2. Select the application(s) or line item(s).

3. Right-click and then click the Copy Project Valuation menu option.
4. The Copy Project Valuation dialog box will open.
5. Click Yes to confirm.

If you are using from the Application for Payment window, follow these steps:

1. Open the Application for Payment window and query for the relevant application.
2. Right-click on the header or after selecting the desired line(s) or item(s) in the Item Valuation tab.
3. Click the Copy Project Valuation menu option.
4. The Copy project Valuation dialog box will open.
5. Observe that the value in the Valuation Value field changes as given in the table below according to the valuation method.

Note: Cost/Progress should be retrieved from the connected activities before setting project cost as valuation values.