Acumatica Construction Edition is all we can talk about lately. So far in this blog series, we’ve looked at the interface and the construction dashboards that users can build to access all the necessary info in a single space, and we’ve drilled into Acumatica Construction Projects a bit to see how a construction project looks within the system.
We’ll continue along those lines today with taking a quick look at project tasks, how to track the budget and cost budget of a project, and how Acumatica helps companies ensure compliance with ease.
The video showing everything in beautiful detail is here, and we’ve highlighted certain sections in the blog below.
00:06
Next on our tasks tab, we'll review all of our various tasks. We can set tasks at the project level specific to this project or we can add common tasks that we've already set up within the system.
00:21
This is an area where our templates can come into play where we can assign a task to a template and they'll automatically be populated here on our task tab. Each task can be either a cost and a revenue, or one or the other type.
00:38
And then each task can have a billing rule. This will default from our summary tab that can be overwritten at the task level.
00:45
You'll also notice that we have a status for each task. All of my tasks in this particular project have already been activated, but I can simply come in here and change the status when necessary. Maybe a task is in planning and we don't want any transactions posted against it yet. Or maybe the task has been completed and it's time to move forward onto the next.
01:06
Task.
01:07
Over on our revenue budget, we'll be able to set by task the budgeted amount.
01:13
You'll notice here that we have our load records from file button available on this tab. So if you are tracking estimates or quotes in an Excel type format then you can simply utilize this functionality to upload that data right into the revenue budget in Acumatica.
01:31
You'll also see here on this particular screen where we can track original budgeted amount as well as revised budgeted amounts as change orders come into play. You'll see here we have a couple of potential change orders right in our screen. And as those change orders are approved, they'll actually be calculated right into our revised budget amount.
01:51
Furthermore, as we scroll over a little bit further, we'll be able to see the actual amount that's been billed, the total amount retained and any pending invoices that we have out there right now.
02:04
Next, we'll review our cost budget. So as we saw on the summary tab, our cost budget is going to be tracked by task and cost code. So you'll see the various tasks as well as the cost codes associated with them.
02:18
You'll also notice here on my cost budget, my account group, which is really going to drive what general Ledger accounts I can post to from this particular task cost code combination that really keeps all of our project transactions honest and our accounting exactly as it should be.
02:37
Like the revenue budget, you'll see our cost budget has our original budgeted quantity and amount as well as any potential change orders, and then the revised budgeted amount.
02:49
As we go through some of our transactions within Acumatica today, we'll review back on this cost budget tab to be able to see how the changes that we make outside of the project itself impact this cost budget.
03:04
Our balances tab is going to give us a quick look at our income and expense by project and it's going to group it by the account groups.
03:16
Commitments are going to show us all of our purchase orders and subcontracts that are associated with this particular project, including their statuses.
03:26
On our invoices tab, you'll see all of our pro forma invoices as well as any related accounts receivable invoices that have gone out to the customer. And it's also the place where we can come in and release any retainage for invoices.
03:42
We can track our change orders as well as our change requests right here on the project itself and see all of the detail associated with them and have the ability to drill right down into those documents.
03:56
Any associated activities that have originated from Acumatica will be tracked on our activities tab. This might include time activities, any emails that have been sent back and forth to the customer for communication, even accounts receivable, invoices that have been emailed to the client.
04:13
You'll also notice that we can create additional tasks and emails right here from our project, and we can create additional types of activities.
04:22
One thing to note on these activities is we have a few out-of-the-box native Acumatica activities, but these are also completely configurable to the organization, so if there's something that we want to create specific to your company, that might be a type of activity like a site visit, then we can certainly create that activity as well and track.
04:47
Finally, I'm going to drill into my compliance tab here. There's many other tabs that the project allows us to track, such as contacts and approvals and such, but this compliance tab will allow us to keep track of the various compliance requirements by vendor. You'll notice here that I have an exclamation point.
05:07
Thanks to this particular compliance, it expired on 6/30/2024. We can utilize this type of information to drive business notifications and events so that we can get that certificate updated from our vendor.
05:22
You'll also notice here that each of my attachments are highlighted in gold, which means there is an attachment to this particular compliance. I can drill right into that attachment and view what's been provided by the vendor. This sits right in our Acumatica database.
Tasks Tab
So first, we’ll navigate to the Tasks tab where you can view all of the various tasks. Tasks can be set at the project level, specific to each individual project, or we can add common tasks that we've already set up within the system (this is an area where construction project templates can come into play. We can assign a task to a template and they'll automatically be populated here on our Tasks tab.)
Task Details
Each task budget can be set as either a “Cost and Revenue,” or one or the other type. Then each task should be set with a billing rule. This will default from what we set as billing rules in the Summary Tab, but can be overwritten at the task level. You'll also notice that we have a status for each task.
All of the tasks in this particular project have already been activated, but you can simply come in here and change the status when necessary. You’d do this, perhaps, if a task is in planning and we don't want any transactions posted against it yet. Or maybe the task has been completed and it's time to move forward onto the next task.
Revenue Budget
Over on our revenue budget area, we'll be able to assign a budgeted amount to each task. You'll notice that there is a “Load Records from File” button available on this tab. If you are tracking estimates or quotes elsewhere (e.g. in an Excel spreadsheet) then you can simply utilize this functionality to upload that data right into the revenue budget in Acumatica.
You'll also see on the budget screen, columns where we can track original budgeted amount as well as revised budgeted amounts as any change orders come into play (a blog on this is coming soon!). The example above has a couple of potential change orders, and we can see those right in our screen. As those change orders are approved, they'll be automatically calculated right into our revised budget amount. The columns here also display the actual amount that's been billed, the total amount retained, and any pending invoices that we have out there.
Cost Budget
Next, we'll review to track our cost budget in Acumatica Construction. As we saw on the Summary tab, our cost budget is going to be tracked by task and cost code.
So you'll see the various tasks as well as the cost codes associated with them. You'll also notice here on my cost budget, my account group, which is really going to drive what General Ledger accounts I can post to from this particular task cost code combination. This keeps all of our project transactions honest, and our accounting exactly as it should be.
Like the revenue budget, the cost budget lists the original budgeted quantity and amount, as well as any potential change orders, and then the revised budgeted amount. This cost budget tab allows you to track all the changes made outside of the project itself, and easily view how they impact the cost budget.
Balances Tab
The Balances tab is going to give us a quick look at our income and expense by project and it's going to group it by the account groups.
Commitments Tab
Commitments are going to show us all of our purchase orders and subcontracts that are associated with this particular project, including their statuses. (Subscribe to our blog for detailed walk-throughs of both purchase order processing and subcontracts in Acumatica Construction Edition! They are coming soon!)
Invoices Tab
On our Invoices tab, you'll see all of our pro forma invoices as well as any related accounts receivable invoices that have gone out to the customer. This tab is also the place where we can come in and release any retainage for invoices.
Change Orders
We can track our change orders as well as our change requests right here on the project itself and see all of the detail associated with them and have the ability to drill right down into those documents. (There’s a standalone blog coming for this topic too!)
Activities Tab
Any associated activities that have originated from Acumatica will be tracked on our Activities tab. This might include time activities, any emails that have been sent back and forth to the customer for communication, even accounts receivable invoices that have been emailed to the client.
You'll also notice that we can create additional tasks and emails right here from our project, and we can create additional types of activities.
One thing to note on these activities is we have a few out-of-the-box native Acumatica activities, but these are also completely configurable to the organization. If there's something that we want to create specific to your company (e.g. recording a client site visit), then we can create that activity and track it along with the rest of the project.
Compliance Tab
The Compliance tab allows us to keep track of the various compliance requirements by vendor. We can easily attach documents within the system, and with a click of button, we can drill right into that attachment and view what's been provided by the vendor. This sits right in our Acumatica database – no need for additional steps to locate it.
In this example, this particular compliance certificate expired on 6/30/2024. We can utilize this type of information to set up notifications and events within the system, so that we can be reminded to get that certificate updated from our vendor.
Acumatica Construction Edition
We’ll keep saying it: old school, disparate processes will choke your growth. Acumatica Construction Edition can ensure that your business doesn’t fall victim to changing times. We wrote these blogs to give you a look at the product, but for more in-depth information about your business specifically, talk to our team! At Milestone, we pride ourselves on our “no sales pitch” style consultations. We really just want you to win!
In the meantime, keep reading our blog, check out our YouTube channel, and keep building.