Revise an Estimate

Revise an Estimate

Overview

Before you start

To revise estimates for a project:

1. Open Project and Job Costing > PJC Transactions > Revise Estimates.

Click here for help on the fields on the Revise Estimates form.

2. Click the New button beside the Revise Estimates Number field.

3. Enter header information for the revise estimate transaction.

   • Accept the New status.

   • Select the transaction date and the fiscal year and period to which you want to post the transaction.

   • Enter a description and a reference for the revision using up to 60 characters for each.

4. Click the Detail button, or click the first line on the grid and press F9 to display a detail entry form.

5. Enter details of the revised estimate.

   You use a separate detail for each level of the project that you want to change.

   If you are assigning a new category to a standard project, you must post a revise estimate transaction to add the category before you can add a resource that uses the category.

   For each detail:

   1. Accept the line number displayed, or click the New button to start a new detail.

   2. In the Contract and Project fields, select the contract and project for which you want to change the estimate.

   3. Use the Finder next to the Category field to select the project category whose estimate you want to change. Do not select a category if you are changing the price of a fixed price project on this detail.

   If the category does not appear in the Finder, assign it to the project using the second Finder button ( ) next to the Category field. On a standard project, post this revise estimate transaction, then enter a new revise estimate transaction for a resource that uses the category.

   4. If you are revising a standard project, use the Finder next to the Resource field to select the specific resource whose estimate you want to change. Do not select a resource for this detail if you are changing the estimate for an existing project category (the labor rate, labor percentage, overhead rate, overhead percentage, or the cost plus percentage), or if you are adding a new category.

   If the resource does not appear in the Finder, assign it, assign it using the second Finder button () next to the Resource field.

   5. Change the default description for the detail, if necessary.

   6. Click the Go button () to display the fields that you can change for the selected project, category, or resource category.

   7. Enter your new estimate of the quantity, unit of measure, and unit cost or extended cost in the Revised column.

   8. For a time and materials project, you can also enter a new billing rate, and billing amount, and you can enter or change the A/R item number. For cost plus projects, you can change the cost plus percentage.

   9. If you are adjusting a category on a standard project, enter the labor rate (or percentage), overhead rate (or percentage), the cost plus percentage (on a cost plus project) or the markup percentage (on a fixed price project that uses a completed project or project percentage complete accounting method).

   10. If you are changing the price of a fixed price project, enter the new price.

   8. Use the Comments field to record additional comments for the detail using up to 250 characters.

   9. Click Add to add the detail.

   10. When you have finished entering details, click Close.

6. Click Add (or Save) to add or save the transaction.

After revising an estimate

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