3.13 Anticipated Final Cost Update

POLICY:

Anticipated Final Cost Update

PURPOSE:

To report the current cost status of the project and the anticipated final cost based on the best judgment of the management team.

RESPONSIBILITY:

Project Manager

PROCEDURE:

The anticipated final cost is an estimated number based on knowledge of job conditions and the best judgment of the management team.

The Project Manager, with input from the other members of the Project Team, will review each line item of the cost report. If the final cost of the individual line item is expected to vary from the updated total budget, the anticipated final cost column of the Job Cost Report is to be updated in the Timberline accounting software system by the Project Manager as follows:

Step 1: In Job Cost Window – Select Tasks

Step 2: Select “Enter Misc. Worksheets ”

Step 3: Click on “Lists”

Step 4: Select MISC5-CAT – Misc. Worksheet

Step 5: Select OK Replace Amt.

Step 6: Enter Job Number (Example – 2108)

Step 7: Strike the Enter Key (lower case)

Step 8: Make adjustments in the Replace Amt. Final
Cost column

Step 9: After all updates are complete – Select Save

Step 10: To accept changes – Select Yes

Step 11: Select Finish

Step 12: To print updates and close this activity – Select Print

These updates will be reflected on the Job Cost Report.

Updates to the Anticipated Final Cost may be reviewed
by printing the Job Cost Report as follows:

Step 1: In Job Cost Window – Select Reports

Step 2: Select “Cost Control”

Step 3: Select Carter & Carter – Job Cost Custom Category

Step 4: Select “Ranges”

Step 5: Select Job Number (Example – 2108)

Step 6: Select OK

Step 7: To print this report and close this activity –
Select Start